GameStop Shares Surge After $116M Bet by ‘Roaring Kitty

GameStop shares surged in premarket trading on Monday following a social media post by Keith Gill, known as “Roaring Kitty,” which showed evidence of his substantial investment in the gaming retailer. Gill, who gained fame during the 2021 meme stock craze, revealed a massive position in GameStop, sparking renewed buying enthusiasm for the brick-and-mortar store.

In the early hours of Monday, GameStop shares more than doubled in value. Despite later gains moderating to $40.60 per share at the time of writing, the stock still experienced a significant jump of approximately 75%. This remarkable rally can be attributed to Gill’s strategic investment moves, which reignited investor interest and excitement.

Gill, who uses the handle “Roaring Kitty” on YouTube and X (formerly known as Twitter), posted a screenshot on social media suggesting he holds a nearly $116 million position in GameStop. The portfolio screenshot, shared on Reddit’s r/Superstonk forum where he goes by the handle “DeepFuckingValue,” indicated that Gill holds 5 million shares of GameStop purchased at $21.27 per share. Additionally, the post revealed that Gill has 120,000 call options, purchased for around $5.68 each and worth approximately $65.7 million, set to expire on June 21 with a strike price of $20.

Under his Roaring Kitty persona, Gill posted a cryptic image of an UNO reverse card on X. The card, which reverses the direction of play in the popular card game, has become a meme symbolizing a comeback or karmic retribution. As of writing, the post, which contained no text, garnered significant attention, being viewed 5.6 million times, retweeted 15,000 times, and liked by 57,000 users. This cryptic post added to the intrigue and excitement surrounding his investment moves.

Gill’s post not only fueled a rally in GameStop shares but also had a surprising effect on a meme cryptocurrency of the same name. The Solana-based memecoin GME skyrocketed over 230% in the last 24 hours, reaching a market capitalization of $94.5 million. This unexpected surge highlights the influential power of Gill’s social media presence and his impact on various markets.

Keith Gill is a legendary figure among retail traders on social media. His posts on forums like Reddit’s r/WallStreetBets were instrumental in fueling the 2021 rally in meme stocks, particularly GameStop. After a period of relative absence from social media, Gill made a significant return last month, rekindling popular interest in meme stocks. His return triggered a multi-day rally that pushed GameStop shares to nearly $50, though the stock lost around half of this value until his most recent posts.

Gill’s influence on meme stocks remains strong. His ability to captivate and mobilize retail investors highlights the enduring power of social media in modern financial markets. The renewed interest in GameStop and other meme stocks demonstrates the significant role that individual investors and social media personalities can play in shaping market dynamics.

The market’s reaction to Gill’s recent posts underscores the volatile nature of meme stocks. While the initial surge in GameStop shares was impressive, the subsequent moderation in gains suggests a cautious optimism among investors. However, the rally in both GameStop shares and the GME memecoin indicates that Gill’s influence extends beyond traditional stock markets.

Keith Gill, known as Roaring Kitty, has once again demonstrated his profound impact on the financial markets. His recent $116 million bet on GameStop has reignited investor interest and led to significant gains in both the company’s stock and related meme cryptocurrencies. As Gill continues to navigate the financial landscape, his actions will likely continue to captivate and influence retail investors, underscoring the evolving role of social media in modern investing.