Keith Gill, known as “Roaring Kitty,” nears billionaire status as GameStop shares surge following his resumed trading with $180 million.
Keith Gill, a stock trader well-known for his involvement in the 2021 GameStop short squeeze, is on the brink of becoming a billionaire as GME shares continue to grow.
On June 2, Gill, who is also known by his internet aliases “DeepFuckingValue” and “Roaring Kitty,” disclosed that he had resumed trading GameStop stock, with $180 million at his disposal.
On his Reddit account, the trader disclosed a $115.7 million position in GameStop shares and $65.7 million in call options.
The stock market was once again jolted by the trader’s disclosure of an additional position in GameStop, which increased the stock price of the company. GameStop’s shares increased by 19% in Robinhood’s overnight markets within 20 minutes of the transaction, culminating in a 38.8% increase in 2024 overall.
The current price of GameStop is $46.55, which represents a 118% increase since Gill disclosed his position.
Gill is “on the brink of becoming a billionaire,” according to global capital markets analysts at The Kobeissi Letter, as GameStop stock surged to $67.50 per share in after-hours trading. Gill’s position will be valued at approximately $1 billion if it opens at its current levels, according to stock analysts.
The analysts also emphasized that the stock closed 110% higher than on June 6 and added $9.5 billion in market capitalization in the previous 12 hours. This places the company at a $20 billion valuation, thereby establishing it as one of the 400 largest public companies in the United States.
Citron Research, a prominent short-seller at GameStop, expressed its dissatisfaction with Gill’s decision on June 3. In an X post, the company accused Gill of manipulating the markets, alleging that the trader was collaborating with another individual. There was a statement that read:
“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.”
According to reports, the Massachusetts securities regulator initiated an inquiry into Gill’s actions on June 4. Lisa Braganca, a former official of the Chicago Securities and Exchange Commission, stated in a CNBC interview that the investigation would likely investigate whether Gill is “moving the market.”
She clarified that the regulators would investigate whether Gill was potentially involved in unlawful activities or collaborating with others. Braganca observed that the regulator may examine Gill’s communications, including his messages, emails, and posts on social media platforms such as Reddit and X.
“They are apprehensive that this is an attempt to manipulate the market and to generate revenue for himself through illegal disclosures,” Braganca continued.
