GameStop (GME) saw a significant surge of over 19% in overnight trading after investor Keith Gill, also known as “Roaring Kitty,” revealed on Reddit that he holds $181.4 million worth of GME stock and call options.
Gill, a key figure in the 2021 GME short squeeze, made a post on June 2 on Reddit after not posting since April 2021. In his post, he shared a screenshot showing his purchase of 5 million GME shares for $115.7 million and $65.7 million into call options, betting on GME reaching at least $20 a share by June 21.
Following Gill’s post, GameStop’s stock price jumped by 19.19% in just 20 minutes on Robinhood’s overnight markets. This increase comes as GameStop’s shares have already seen a 38.8% rise this year, with the stock closing at $23.14 on May 31.
Gill’s return to Reddit has sparked renewed interest in GameStop, with some attributing the stock’s surge to his influence. Gill’s actions during the COVID-19 pandemic were a key element in the GameStop saga, in which Reddit traders disrupted hedge funds by driving up the stock price over 1,000% in a month.
While Gill’s latest post was on the r/Superstonk subreddit, it is clear that his impact on GameStop and meme coins like Dogecoin and Shiba Inu remains significant.
Vocabulary List:
- Surge (noun): A sudden and significant increase.
- Investor (noun): A person who allocates capital with the expectation of a financial return.
- Short Squeeze (noun): An event in which a heavily shorted stock moves sharply higherforcing short sellers to close out their positions.
- Screenshot (noun): A digital image that shows the contents of a computer screen at a given time.
- Influence (noun): The capacity to have an effect on the characterdevelopmentor behavior of someone or something.
- Disrupt (verb): To interrupt by causing a disturbance or problem.
