GameStop Surge Propels Roaring Kitty to $1B

Keith Gill, a well-known stock trader who gained fame during the GameStop (GME) short squeeze of 2021, is on the path to becoming a billionaire as GME shares continue to rise. Often referred to by his internet monikers “Roaring Kitty” and “DeepFuckingValue,” Gill announced on June 2 that he has resumed trading in GME. This time, he has a substantial $180 million to invest. Gill disclosed a hefty $115.7 million investment in GME shares and an additional $65.7 million in call options on his Reddit account.

Gill’s announcement had an immediate impact on the stock market, leading to a noticeable increase in GME’s stock price. Following his post, GME’s overnight trading on Robinhood witnessed a 19% spike within 20 minutes. By the close of trading, GME shares had surged by 38.8% in 2024. At present, GME’s price stands at $46.55, which represents a 118% increase since Gill unveiled his trading position.

Financial analysts from The Kobeissi Letter are confident that Gill is on the verge of becoming a billionaire. They report that GME shares soared to $67.50 in after-hours trading, suggesting that if the stock opens at these levels, Gill’s combined holdings could be valued at $1 billion. These analysts also pointed out that GME stock finished 110% higher than June 6, adding a staggering $9.5 billion to its market capitalization in just 12 hours. This growth elevates GameStop to a market valuation of approximately $20 billion, ranking it among the 400 largest publicly traded companies in the United States.

Not everyone is applauding Gill’s recent maneuvers. On June 3, Citron Research, a prominent short-seller of GameStop, publicly criticized Gill’s actions. They alleged that Gill was manipulating the market and insinuated that he was not acting alone. In a post, Citron Research suggested that Gill must have financial backing, as his personal finances wouldn’t support such a massive trade. They expressed confidence that investors would eventually see through what they described as a “roaring Icarus” scheme.

The scrutiny quickly turned official when Massachusetts’ securities regulator initiated an investigation into Gill’s trading activities on June 4. Lisa Braganca, a former Chicago SEC official, explained in a CNBC interview that the investigation is likely to focus on whether Gill is moving the market in a questionable manner. Regulators are expected to examine if Gill is potentially working in concert with others or engaging in illegal activities.

Braganca elaborated that the investigation might delve into Gill’s communications, including texts, emails, and his posts on various social media platforms like Reddit. The intent is to determine if there is any improper effort to manipulate the market for personal gain through unlawful disclosures. She also stressed that the regulators are wary of any intention to manipulate the market, thus ensuring fair trading practices are upheld.

Despite the heavy criticisms and legal scrutiny, Gill appears unperturbed. His history indicates a penchant for high-stakes investment strategies and a knack for rallying retail investors. With an ever-growing social media following, Gill continues to wield significant influence over market behaviors, particularly with stocks like GameStop.

As the investigation proceeds, the financial world watches closely to see if Gill’s bold moves will land him in legal trouble or if they will further cement his status as a formidable force in stock trading. Either way, Gill’s journey remains a captivating saga in the realm of finance, continually reshaping perceptions and strategies of modern-day trading.

Adelind Miranda

Adelind Miranda

24 thoughts on “GameStop Surge Propels Roaring Kitty to $1B

  1. This has to be one of the most blatant market manipulations ever! Gill should be investigated thoroughly!

  2. Some people never learn! This kind of risky behavior shouldn’t be applauded. It sets a terrible example.

  3. It’s like watching a finance superhero in action! Go Gill! 💥🦸‍♂️

  4. This smells fishy. How is Gill getting away with moving such massive amounts of money without raising more red flags? 🚩👃

  5. How is this any different from insider trading? The SEC needs to step in before more people get burned.

  6. The market seems like a joke with these kinds of stunts. This isn’t trading, it’s gambling. 🎲🚫

  7. All eyes on GME and Keith Gill! This is finance history in the making!

  8. Keith Gill’s journey from investor to billionaire is absolutely captivating! 🌟💰

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