The kitty is still roaring, so GameStop is soaring.
Shares in the video game retailer shot up as much as 20 percent on Monday after social media influencer Keith Gill — who goes by the name of “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit — posted a screenshot showing that he had doubled his stake despite the political scrutiny and legal woes plaguing his investment.
Considered a key player in the Reddit Rally that sent GameStop and other so-called “meme stocks” soaring in January, Gill posted a screenshot to Reddit late Friday showing he bought an additional 50,000 GameStop shares.
The stock closed Monday up 13.33 percent to $46 a shares on the news.
Gill’s post shows he now owns 100,000 GameStop shares as well as $1.5 million worth of call options — giving him a stake worth $4.6 million as of Monday’s close and applause from his fellow Reddit investors.
“THE KING IS BACK,” one user of Reddit’s popular WallStreetBets chat room posted in reply to Gill’s screenshot.
“Stories will be told of this man for generations to come,” posted another. “Religions will be started. This is divine.”
“He bought 50,000 more WHILE giving evidence in front of Congress!” wrote a third. “Legend.”
Gill, 34, posted the screenshot one day after he testified before Congress about the Reddit Rally alongside billionaire Ken Griffin and Robinhood Chief Executive Vlad Tenev — all key figures in the bizarre trading phenomenon that has captivated Main Street and Wall Street alike.
Gill on Thursday told Congress that he “still likes” GameStop. His Zoom appearance was also cheered by fellow GameStop junkies for the “Hang in there” cat poster hanging behind him, which observers took as a sign of his confidence in GameStop.
A licensed stockbroker who left his job at Mass Mutual on Jan 28, Gill is known for donning cat T-shirts and a red samurai-esque headband over his shoulder-length in his YouTube videos.
But he’s also been criticized for playing an outsized role in the small investor rally while quietly holding professional investor creds. He was sued for securities fraud leading up to his Congressional testimony in Massachusetts federal court.
Gill has defended himself by saying he was clear that his aggressive investing style was not “suitable for most folks.”
“And in a year of quarantines and COVID, engaging with other investors on social media was a safe way to socialize,” he told Congress. “We had fun.”
Gill has said he started buying the GameStop when it was still at $5 a share in 2019. The stock soared to $483 a share in late January, making him a multi-millionaire, only to crash back down again, losing him $13 million in a single day earlier this month.
As of Friday Gill had gained $2.8 million in paper profits on his GameStop stock, according to his post. It was his first post since Feb. 3, the day after his $13 million loss.
Source link
