By Elliot Gulliver-Needham
Keith Gill, known online as Roaring Kitty, has revealed a $116m stake in Gamestop, sending the meme stock soaring in pre-market trading.
Gamestop saw its share price more than double this morning as a result of Gill’s revelations before falling to 70 per cent above closing value at the time of writing.
Gill was an advocate for Gamestop in 2019, arguing that the company was undervalued, but disappeared online after encountering legal troubles and seeing an odd cult emerge around Gamestop during the meme stock boom of 2021.
Gill returned to the internet last month after tweeting for the first time in three years, causing Gamestop’s stock to jump more than 170 per cent.
Now, Gill’s first Reddit post since April 2021 has revealed that he currently owns five million Gamestop shares, bought for $115.7m, while also putting $66m into options that Gamestop will be at least $20 a share by 21 June.
Gamestop closed at $23 a share last night, but has since skyrocketed to $39 in premarket trading.
Titled ‘GME YOLO update – June 2 2024‘, the post has since been upvoted 71,000 times, and also showed that Gill had made over $9m on Gamestop so far.
Rumours have swirled that Gill had either sold his online accounts or been hacked, and the screenshot of the portfolio contains no identifying marker that this is Gill’s portfolio.
“This is the first post by meme messiah in three years, posting to his loyal following and showing his true power level,” said Lily Francus, CIO of investment fund Novi Loren.
“This is closer to a religious event than a market one.”
The Roaring Kitty X account also tweeted a picture of a reverse Uno card late last night, after going silent for two weeks.
The account had previously posted dozens of movie clips in the days after Gill initially returned to the internet.
Last week, Gamestop revealed it had successfully sold 45 million shares worth around $933m, after announcing a share offering to cash in on the hype around it.
