The GameStop (GME) stocks experienced an overnight trading gain of over 19% this week. They could result from the latest update by Keith Gill, famously known as “Roaring Kitty,” and “DeepFuckingValue” on social media platforms. Gill came into the limelight during the social media trading frenzy of GME shares in January 2021, and he has claimed to hold $181.4 billion worth of shares in GME and call options. This announcement affected not only the stock itself but also catalyzed a 300% increase in the value of GameStop’s memecoin on the Solana blockchain. It also brought its market capitalization to $105 million, or 2850% growth monthly.
The financial frenzy started on June 2 with Gill’s post on Reddit, his first post in over two months. He explained that he bought 5 million shares of GME stock for $115.7 million and placed a $65.7 million call option bet that the price for the GME stock would be at least $20 by June 21. According to Gill’s update, he made more than $9.3 million by investing in GME stocks, but his call options are in the red, at almost $2.5 million.
When Gill shared the post on social media, people reacted rather aggressively. Less than 20 minutes into the overnight markets update, Robinhood reported a surge in GameStop’s stock to $27.58. This was a 19.19% rise from its last closing price of $23.14 on May 31. This phenomenal increase in stock value depicts a great year for GameStop, with the shares increasing by 38.8% through Gill’s input and his recent re-entry into the market.
Aside from using Reddit, Gill also has another clandestine account on X (formerly known as Twitter). He has posted cryptic messages and a green UNO reverse card photo. These cryptic posts have only fueled more speculation and controversy over his behaviour, further reviving interest in GameStop from individuals.
These actions, coupled with Gill’s regard among traders, have cast him back into the centre of the stormy narrative of GameStop’s stock price. His return to social media and the subsequent declaration of his investment has not only impacted the stock price movement but also reignited the interest in the possibilities and power of the smaller investor.
With the call options expiring on June 21, the market and especially its fans will eagerly await the outcome of his latest bet on GameStop and whether his recent involvement will be as profitable for him as the first one that occurred during the short squeeze of 2021. Such an unending story can and does interest both the participants and the onlookers; it underlines one more time the enormous role that specific individuals can play in the modern interconnected financial structures.
