SNEAK PEEK
- Keith Gill discloses a $180M GameStop investment, causing a 19% overnight stock surge.
- Gill’s $115.7M in GME shares and $65.7M in call options boost market activity.
- Roaring Kitty’s Reddit post ignites GameStop interest, reminiscent of the 2021 short squeeze.
GameStop (GME) experienced a notable increase in stock price after Keith Gill, also known as “Roaring Kitty,” disclosed a substantial investment. Gill, who gained prominence during the 2021 GME short squeeze, posted on Reddit, revealing his $181.4 million position in GameStop, causing a significant surge in the stock’s value during overnight trading.
Keith Gill’s Investment Details
Keith Gill posted on his “DeepFuckingValue” Reddit account on June 2, marking his first post since April 2021. He shared a screenshot indicating he had invested $115.7 million in 5 million GME shares and $65.7 million in call options. These options are betting that GameStop’s stock will be at least $20 per share by June 21.
The screenshot also showed that Gill had gained over $9.3 million on his GME stock holdings but was holding a nearly $2.5 million loss on his call options. This information quickly influenced the market, with Robinhood’s overnight markets reporting a 19.19% jump in GME’s stock price within 20 minutes of Gill’s post, reaching $27.58.
Market Reaction and Stock Performance
Before Gill’s revelation, GameStop closed at $23.14 on May 31. The company’s stock had already risen by 38.8% in 2024, a growth attributed to various factors, including Gill’s renewed involvement. His post immediately sparked increased trading activity, propelling the stock’s price upwards.
The response was swift and marked by an influx of trading volume, reminiscent of the activity seen during the original short squeeze in 2021. Investors and market watchers have noted the rapid movement in the stock, emphasizing the influence Gill continues to wield in the market.
Social Media Activity and Historical Context
Gill’s latest post was on the r/Superstonk subreddit, primarily on GameStop speculation. His previous notable activity was on the r/wallstreetbets subreddit, which was crucial during the 2021 short squeeze. The r/wallstreetbets forum has since shifted away from GME content, with moderators explicitly stating that it is no longer a GameStop-focused subreddit.
Additionally, Gill has maintained a presence on social media, posting a cryptic green Uno reverse card to X, which added to a series of mysterious posts and memes shared since his return in May. These posts have kept his followers and the wider financial community engaged, continuing to influence market perceptions and actions.
Keith Gill was central to the GameStop saga during the COVID-19 pandemic. The stock saw a massive rally due to retail investors’ actions on platforms like Reddit. This surge dramatically affected hedge funds that were shorting the stock, causing significant financial shifts and drawing global attention to the power of retail trading.
The events of the 2021 short squeeze also set the stage for subsequent market activities, including the rise of memecoins such as Dogecoin and Shiba Inu, as retail investors sought new opportunities. Gill’s recent actions suggest a potential revival of interest and activity around GameStop, indicating his continued impact on market dynamics.