The stock of GameStop (GME) is up 80% after investor Keith Gill, known online as “Roaring Kitty,” revealed online that he has a position in the video game retailer worth $116 million U.S.
Gill posted a screenshot of what appears to be his portfolio that shows he holds five million shares of GameStop that is worth $115.7 million U.S. as of last Friday’s (May 31) closing price.
The portfolio screenshot also shows that Gill has several call options on GameStop’s stock, which are bets that the share price will increase.
The account snapshot was posted on Reddit’s “SuperStonk” forum.
At the same time that the portfolio reveal occurred on Sunday night (June 2), Gill also posted a picture of a reverse card in the game “Uno” on social media site X, formerly Twitter.
Gill returned to social media for the first time in three years this May, causing GameStop’s share price to more than double in a matter of days.
Gill’s first social media post was simply an image of a man in a chair leaning forward as if he was paying more attention.
GameStop took advantage of the rally in May and raised more than $900 million U.S. through a stock sale.
Some lawmakers and professional traders have called on the U.S. Securities and Exchange Commission (SEC) to investigate Gill, a former insurance broker, for market manipulation.
Gill was the main instigator of the 2021 rally in GameStop and other meme stocks. Gill helped to orchestrate a short squeeze on GameStop’s stock, which was heavily shorted on Wall Street.
GameStop continues to struggle with its network of brick-and-mortar retail video game outlets. The company is posting losses amid declining sales.
Prior to today (June 3), the stock of GameStop was trading at $23.14 U.S. per share, having fallen 5% over the last 12 months.
