GameStop stock rises after Roaring Kitty’s $180 million investment
GameStop (GME) shares surged more than 19% during overnight trading. This comes after Keith Gill, known as “Roaring Kitty,” revealed significant positions in company stock and call options on Reddit.
His first Reddit post since April 2021 included a screenshot of him being made public. Acquired 5 million shares of GME stock for $115.7 million and invested $65.7 million in call options. The bet was that the stock price would reach at least $20 per share by June 21st.
The screenshot is I made over $9.3 million in profits on GME stock and lost nearly $2.5 million on call options.
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Following the post, GME stock price Soared 19.19% in 20 minutesIt reached $27.58 during overnight trading on Robinhood.
In addition to his Reddit activity, Gill I posted a green Uno reverse card on X. It adds to the series of cryptic memes he’s shared since his unexpected return on May 13.
Gill is known as: Key figures in the 2021 GameStop short squeeze; A community of Reddit traders has challenged hedge funds that are betting on the struggling gaming retailer. This joint effort caused GameStop’s stock price to soar more than 1,000% in less than a month.
Some market observers believe there is a short squeeze on GameStop. It subsequently sparked a surge in meme coins. Things like Dogecoin (DOGE) and Shiba Inu (SHIB) as retail investors shift their focus.
GameStop’s overnight rally highlights Keith Gill’s influence within the retail trading community and the ongoing volatility surrounding GME stock.
In other news, Iggy Azalea’s memecoin MOTHER overshadowed the IGGY token linked to Sahil Arora, who was recently accused of fraud.
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