Keith Gill, the trader famous for his involvement in the GameStop short squeeze saga of 2021, has once again made headlines with his latest move on Reddit. His announcement sent GameStop's stock price soaring in overnight markets.
Gill's Big Bet
In a recent post on Reddit under his alias "Roaring Kitty," Gill revealed that he has invested a substantial amount in GameStop (GME). This disclosure caused a significant surge in the stock's value.
Key Details
According to Gill's Reddit post on June 2, he disclosed that he holds GameStop stocks and call options valued at $181.4 million. This revelation marked his first return to Reddit since April 2021.
Gill shared a screenshot showing his purchase of 5 million GME shares worth $115.7 million and an additional $65.7 million invested in call options. His bet hinges on GameStop's stock price reaching at least $20 per share by June 21.
Market Response
Following Gill's Reddit post, GameStop experienced a rapid surge in value. In just 20 minutes after the announcement, the stock jumped by 19.19% in Robinhood's overnight markets, reaching $27.58.
Impact on GameStop's Performance
GameStop's closing price on May 31 was $23.14, with its shares having already risen by 38.8% since the beginning of the year. Gill's latest move seemingly contributed to this upward trend.
Cryptic Posts
In addition to his financial moves, Gill has been posting cryptic messages and memes on Reddit since his return in May. Among these posts was a green UNO reverse card shared on X, adding to the mystery surrounding his intentions.
Shift in Reddit Dynamics
While Gill was previously active on the r/wallstreetbets subreddit, known for its association with the GameStop short squeeze, the forum has since moved away from GameStop-related content. The subreddit's moderator, "zjz," emphasized this shift by stating that it is not a GameStop-focused platform.
Gill's recent posts have been on the r/Superstonk subreddit, which appears to be primarily dedicated to speculation on GameStop.
Previous Investments
In a post dated April 16, Gill disclosed that he owned 20,000 GME shares purchased at $55.17 per share, resulting in a gain of $19.9 million at the time.
Gill's return to the spotlight has reignited interest in GameStop among investors and Reddit communities, with many closely monitoring his future moves and their impact on the stock's performance
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