GameStop Shares Soar After Keith Gill’s Massive Position Revealed

GameStop shares experienced a significant surge on Monday, sparked by speculation that Keith Gill, the mastermind behind the 2021 “meme stock” frenzy, has taken a substantial position in the video game retailer. Known as DeepF——Value on Reddit and Roaring Kitty on YouTube and Twitter, Gill has once again ignited excitement among retail investors.

According to CNBC, GameStop’s stock price soared by 71 percent, reaching approximately $39.71 per share on Monday morning. Although the price settled to a 25 percent gain by midmorning, the initial rally was intense enough for the NYSE to briefly halt trading due to volatility.

Gill resurfaced on social media Sunday night, posting a screenshot of what appears to be his portfolio on the r/SuperStonk forum. The screenshot revealed a holding of 5 million GameStop shares valued at $115.7 million based on Friday’s closing price. Additionally, the portfolio included 120,000 call options with a strike price of $20, set to expire on June 21st. These options were reportedly purchased for about $5.68 each revealed.

While the authenticity of the post has not been independently verified, it is noteworthy that Gill chose not to share the update on the WallStreetBets chatroom, where he previously posted his trade updates during the height of the GameStop mania three years ago.

Gill also posted a cryptic picture of a reverse card from the game Uno on Twitter, further fueling speculation within the Reddit trading community. This latest move by Gill has not only impacted GameStop’s stock but also caused a ripple effect among other meme stocks. AMC shares surged 30 percent on Monday, following a 48 percent increase in May, while Reddit’s stock gained five percent.

This isn’t the first time Gill’s return to social media has triggered a buying frenzy. Three weeks ago, a simple post of a man leaning forward in a chair was enough to double GameStop’s share price in May alone. The company capitalized on this surge by raising over $900 million through a stock sale.

The renewed interest in GameStop highlights the enduring influence of Gill and the volatile nature of meme stocks, driven by retail investors’ enthusiasm and speculative trading.