Dado
Ruvic
|
Reuters
Meme
stock
GameStop
is
rallying
again
on
speculation
Keith
Gill,
the
man
who
inspired
2021’s
epic
short
squeeze,
could
currently
have
a
huge
position
in
the
video
game
retailer.
Gill, who
goes
by
DeepF——Value
on
Reddit
and
Roaring
Kitty
on
YouTube
and
X,
reappeared
Sunday
night,
posting
a
screenshot
of
what
could
be
his
portfolio
holding
a
significant
amount
of
GameStop
common
shares
and
call
options.
The
Reddit
trading
crowd’s
favorite
trader
holds
5
million
shares
of
GameStop
worth
$115.7
million
as
of
Friday’s
closing
price,
according
to
the
account
snapshot
posted
on
Reddit’s
r/SuperStonk
forum.
The
account
also
showed
a
position
of
120,000
call
options
in
GameStop
with
a
strike
price
of
$20
that
expire
on
June
21st
that
were
purchased
for
about
$5.68
each.
GameStop
shares
closed
Friday
at
$23.14.
The
post
was
not
independently
verified
by
CNBC.
Notably,
he
didn’t
post
on
the
infamous
WallStreetBets
chatroom
where
he
posted
all
of
his
trade
updates
at
the
height
of
the
GameStop
mania
over
three
years
ago.
Though
the
username
is
the
same
one
used.
Around
the
same
time
Sunday
night,
Gill
posted
a
cryptic
picture
of
a
reverse
card
in
the
game
“Uno”
on
X,
which
quickly
garnered
near
30,000
likes.
Shares
of
GameStop
jumped
more
than
19%
in
Robinhood’s
24-hour
exchange
Sunday
evening,
which
allows
for
trading
of
certain
stocks
continuously.
The
stock
could
see
a
big
pop
when
premarket
trading
starts
at
4:00
a.m.
Monday.
Gill’s
first
return
to
social
media
three
weeks
ago
sparked
an
eye-popping
rally
in
GameStop
with
shares
more
than
doubling
in
May
alone.
At
the
time,
he
simply
posted
a
picture
of
a
man
in
a
chair
leaning
forward,
but
that
was
enough
to
trigger
a
buying
frenzy
among
amateur
traders.
GameStop
took
advantage
of
the
May
rally
by
raising
more
than
$900
million
in
a
stock
sale.
GameStop,
YTD
The
investor
was
a
former
marketer
for
Massachusetts
Mutual
Life
Insurance.
In
2021,
through
YouTube
videos
and
Reddit
posts,
Gill
encouraged
a
band
of
retail
traders
to
squeeze
out
short
selling
hedge
funds
in
GameStop.
The
action
got
so
wild
at
one
point
that
brokerages
including
Robinhood
had
to
restrict
trading
in
the
stock
as
it
blew
up
their
clearinghouse
margin.
The
mania
also
led
to
a
series
of
congressional
hearings,
featuring
Gill,
around
brokers’
practices
and
gamifying
retail
trading.
GameStop
is
still
struggling
with
a
transition
to
online
gaming
away
from
brick-and-mortar
video
game
purchases
with
investors
banking
on
CEO
Ryan
Cohen
to
eventually
reinvent
the
company.
