GameStop rally sends Roaring Kitty’s shares to $1B


Keith Gill, a stock trader known for the GameStop (GME) short squeeze in 2021, is on his way to becoming a billionaire as GME shares continue to surge. 

Gill, also known by his internet nicknames “Roaring Kitty” and “DeepFuckingValue,” revealed on June 2 that he started trading GME again — this time, he has $180 million to play with.

The trader posted a $115.7 million position in GME shares and $65.7 million in call options on his Reddit account.

The trader’s revelation of another position on GME shook the stock market again, causing an uptick in the GME stock. Robinhood’s overnight markets saw GME jump by 19% 20 minutes after the post, while GME closed with shares up 38.8% in 2024.

GME year-to-date chart as Gill started trading the stock again. Source: Google Finance

GME’s price currently sits at $46.55, showing a 118% gain since Gill shared his position.

Roaring Kitty set to be a billionaire

Global capital markets analysts at The Kobeissi Letter believe that Gill is “set to be a billionaire” as the GME stock catapulted to $67.50 per share in after-hours trading. According to the stock analysts, if GME opens at its current levels, Gill’s position will be worth $1 billion combined.

The analysts also highlighted that the GME stock closed 110% higher than June 6 and added $9.5 billion in market capitalization in the last 12 hours. This puts the company at a $20 billion valuation, making it one of the 400 largest public companies in the United States.

Related: E-Trade mulls booting meme stock trader Roaring Kitty: WSJ

Gill faces market manipulation probe

On June 3, prominent GameStop short-seller Citron Research criticized Gill’s move. The company accused Gill of manipulating the markets in an X post and alleged that the trader was working with someone else. They wrote:

“We believe someone is backing Gill — there’s no way he made this size trade alone. His reported finances don’t support this trade. Investors will see through this roaring Icarus.”

On June 4, Massachusetts’ securities regulator reportedly opened an investigation into Gill’s moves. In a CNBC interview, former Chicago SEC official Lisa Braganca said the investigation would likely look at whether Gill is “moving the market.”

She explained that the regulators would check if Gill was potentially working with other people or engaging in illegal conduct. Braganca noted that the regulator may look at Gill’s communications, such as his texts or emails and even his communications on social media platforms Reddit or X.

“They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” Braganca added.

Magazine: Longevity expert: AI will help us become ‘biologically immortal’ from 2030



Also Read More: World News | Entertainment News | Celebrity News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Bitcoin sees new 4-month high as US PPI, retail data posts ‘big misses’

Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall…

NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022…

Montenegrin court postpones Do Kwon’s extradition to South Korea

The Supreme Court of Montenegro has ordered that the extradition of Terraform…

Act now on water or face emergency queues on the streets, UK warned

A national hosepipe ban should be implemented as a national priority along…