GameStop Rally Continues Following Return of 'Roaring Kitty'
GameStop Rally Continues Following Return of 'Roaring Kitty'
GameStop Rally , Continues Following Return of, 'Roaring Kitty' .
On June 3, meme stock GameStop rallied on rumors that Keith Gill, the inspiration for the stock's 2021 short squeeze, may be holding a significant share of the company.
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NBC reports that Gill, otherwise known as Roaring Kitty on YouTube and X, posted a screenshot of what is believed to be his extensive GameStop portfolio of common shares and call options.
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NBC reports that Gill, otherwise known as Roaring Kitty on YouTube and X, posted a screenshot of what is believed to be his extensive GameStop portfolio of common shares and call options.
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According to the image shared on Reddit's r/SuperStonk forum, Gill is holding 5 million shares of GameStop with an estimated worth of $115.7 million.
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According to the image shared on Reddit's r/SuperStonk forum, Gill is holding 5 million shares of GameStop with an estimated worth of $115.7 million.
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The post also showed 120,000 call options with a strike price of $20.
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On May 31, GameStop shares closed at $23.14.
As a result of Roaring Kitty's post, shares in GameStop were up almost 84%, reaching $42.55 in premarket trading.
NBC reports that around the same time as the Reddit post, Gill also made a cryptic post on X of a 'Reverse' card from the game 'Uno.'.
NBC reports that around the same time as the Reddit post, Gill also made a cryptic post on X of a 'Reverse' card from the game 'Uno.'.
Three weeks ago, Gill's first return to social media led to an initial rally for GameStop that saw shares more than double for the month of May.
Three weeks ago, Gill's first return to social media led to an initial rally for GameStop that saw shares more than double for the month of May.
In response to the May rally, GameStop capitalized by raising over $900 million in a stock sale.
The rally comes as GameStop continues to struggle amid the transition away from brick-and-mortar video game stores and towards online gaming.
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The rally comes as GameStop continues to struggle amid the transition away from brick-and-mortar video game stores and towards online gaming.