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Shares of GameStop shot to session highs on Thursday after meme stock leader “Roaring Kitty” scheduled a livestream on YouTube that would be his first in nearly four years.
Roaring Kitty, whose real name is Keith Gill, scheduled his live chat for noon on Friday. Traders speculated that this would be a bullish discussion about his massive GameStop stake. The investor hosted three-hour livestreams in August 2020 explaining his investment thesis behind his favorite brick-and-mortar video game retailer.
GameStop rose more than 47% to close at $46.55 per share. The stock hit a high of $47.50 during the session, where trading was briefly halted due to volatility. The stock has more than doubled so far this week.
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GameStop, 1 day
Over 10,000 people were already waiting in the live stream and countless comments flowed through the chat box.
Gill, who goes by DeepF——Value on Reddit, recently resurfaced online, more than three years after he sparked 2021’s historic trading frenzy that sent hedge fund short-selling plummeting. Last Sunday, he began posting screenshots of his E-Trade portfolio, which includes five million shares of GameStop common stock and 120,000 call options. Together they now have a market value of at least $200 million. He appears to have held his positions since Thursday evening.
If these call options are exercised, Gill’s stake in GameStop could increase to 17 million shares. If the stock returns to its May high of $64.83 per share, Gill’s position would be worth more than $1 billion.
Gill had started publishing the week after The Wall Street Journal reported that Morgan Stanley’s E-Trade broker was considering firing him because of fears that what he was doing might amount to market manipulation Updates interrupted.
CNBC has not independently verified Gill’s holdings.
The investor is a former marketer for Massachusetts Mutual Life Insurance. The 2021 mania led to a series of congressional hearings with Gill discussing brokerage practices and the gamification of retail trading.
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2024-06-06 20:56:34
www.cnbc.com
