Meme Stock GameStop is rising again on speculation that Keith Gill, the man who inspired 2021’s epic short squeeze, could currently have a big position in the video game retailer.
Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and
The Reddit crowd-favorite trader owns 5 million shares of GameStop worth $115.7 million as of Friday’s closing price, according to a screenshot of the account posted on Reddit’s r/SuperStonk forum. The account also showed a position of 120,000 call options in GameStop with a strike price of $20 expiring on June 21, which were purchased for approximately $5.68 per option. GameStop shares closed Friday at $23.14.
The post has not been independently verified by CNBC. Notably, he did not post in the infamous WallStreetBets chat room where he posted all of his trade updates at the height of the GameStop mania more than three years ago. Although the username is the same as the username.
Around the same time on Sunday night, Gil posted a mysterious photo of a reverse card in the game “Uno” on X, which quickly racked up nearly 30,000 likes.
GameStop shares jumped more than 19% on the Robinhood exchange over a 24-hour period Sunday evening, which allows certain stocks to be traded continuously. The stock could see a big rally when pre-market trading begins at 4:00 a.m. Monday.
Gill’s first return to social media three weeks ago sparked an eye-catching rally in GameStop with shares doubling in May alone. At the time, he simply posted a photo of a man in a chair leaning forward, but that was enough to spark a buying frenzy among amateur traders.
GameStop capitalized on May’s rally by raising more than $900 million in stock sales.
See chart…
GameStop, since the beginning of the year
The investor was a former marketer for Massachusetts Mutual Life Insurance. In 2021, through YouTube videos and Reddit posts, Gill encouraged a group of retail traders to pressure hedge funds for shorting GameStop.
The action became so wild at one point that brokerage firms, including Robinhood, had to restrict trading in the stock because it blew out their clearinghouse margin. This obsession also led to a series of congressional hearings, in which Gill participated, on the practices of brokers and retail trading manipulation.
GameStop is still struggling to transition online gaming away from traditional video game purchases, with investors counting on CEO Ryan Cohen to finally reinvent the company.
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