Business
Who Is Roaring Kitty And What’s Going On With Gamestop?
Key Points
- Keith Gill (Roaring Kitty/DeepFuckingValue) revealed a massive $181.4 million position in GameStop stock and call options, sending the stock surging in value.
- Gill’s return to social media last month had already sparked a rally in GameStop shares, but his recent portfolio reveal reignited the “meme stock” frenzy, with the stock skyrocketing from $22.91 to over $40 at market open on June 3rd.
- Gill’s involvement in the GameStop saga dates back to 2019 when he invested $53,000 in the struggling retailer, attracting a following of retail investors that led to a short squeeze in January 2021, sending the stock soaring over 1,000%.
Keith Gill, known as “Roaring Kitty” and “DeepFuckingValue” (DFV), has resurfaced after a three-year hiatus, reigniting the GameStop stock frenzy. Gill posted a screenshot on Reddit’s r/Superstonk forum, revealing a massive $181.4 million position in GameStop (GME) stock and call options.
The screenshot showed Gill holding 5 million GME shares worth $115.7 million and $65.7 million in call options betting that GME would be at least $20 per share by June 21st. This disclosure sent shockwaves through the market, causing GameStop’s stock to surge over 19% in overnight trading.
Gill’s return to social media last month had already sparked a rally in GME shares, with the stock price reaching $48 before retreating. However, his recent portfolio reveal has reignited the “meme stock” frenzy, with GameStop’s shares skyrocketing from $22.91 to over $40 at the market open on June 3rd
GME YOLO update – June 3 2024
byu/DeepFuckingValue inSuperstonk
The GME And Roaring Kitty Short History
Gill’s involvement in the GameStop saga dates back to 2019 when he invested $53,000 in the struggling retailer, believing it was undervalued. His bullish analyses and regular updates on Reddit and YouTube attracted a following of retail investors, leading to a short squeeze in January 2021 that sent GME’s stock soaring over 1,000%.
This series of events was dubbed as a battle of retail investors versus the hedge funds and elites. It ended up being showcased in a documentary on Netflix called Eat The Rich: The Gamestop Saga.
Fast forward today, and Roaring Kitty began posting memes on X, as well as revealing his position on Reddit.
pic.twitter.com/zUuccrKWZr
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
Impact On Gamestop Stock Price
Gamestop (NYSE:GME) is known for being a video game retailer with physical locations nationwide. However, in recent years many have argued that the business model is dying and institutional investors have been shorting the stock, expecting the company to fail.
However, the interest surrounding the Roaring Kitty saga has driven massive interest in the stock. In the last month, GME has increased 62%, compared to just 1.95% for the S&P 500.
It will be interesting to see what unfolds over the next month, as June 21, 2024 is the option expiration date for which Gill has the largest concentrated position. Volatility will likely increase as we approach that date and social media frenzy increases.
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Editor: Colin Graves
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