Gamestop Stock Boom Could Make "Roaring Kitty" a Billionaire

Written by Camilla Jessen

Jun.07 - 2024 12:11 PM CET

Technology
Photo: Tigarto / Shutterstock.com
Photo: Tigarto / Shutterstock.com
Gamestop investments spark billion-dollar buzz.

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Keith Gill, better known as "Roaring Kitty" and "DeepF*ckingValue," is on the brink of becoming a billionaire thanks to his strategic investments in Gamestop stock.

The Rise of Roaring Kitty

Gill first gained widespread attention during the 2021 Gamestop short squeeze, a dramatic event that saw the stock's value skyrocket.

His involvement and public support for Gamestop played a significant role in that historic market upheaval.

On June 2, Gill announced that he had once again invested in Gamestop, this time committing $180 million, including $115.7 million in Gamestop stock and $65.7 million in call options.

According to Macroticker.com, his announcement immediately caused a stir in the market, leading to an increase in Gamestop's share price.

Within 20 minutes of his Reddit post, Gamestop's stock price surged by 19%.

Since the announcement, the stock price has climbed 118%, closing at $46.55 per share and reaching $67.50 in aftermarket trading.

Market analysts from The Kobeissi Letter have noted that if Gamestop opens at its current aftermarket price, Gill's holdings will be valued at about $1 billion.

This surge has also boosted Gamestop's market capitalization, adding $9.5 billion in just 12 hours and placing the company among the top 400 in the United States.

Controversy and Investigation

Gill's recent dealings have not gone without criticism.

On June 3, Citron Research accused him of market manipulation. The company suggested that such a large investment could not have been made alone, raising suspicions of a possible conspiracy.

Citron also questioned Gill's financial capacity to execute such a large deal independently, implying he might have hidden partners.

In response to these allegations, Massachusetts' securities regulator has launched an investigation into Gill's activities.

Authorities are likely to examine his communications on platforms such as Reddit and X (formerly Twitter) to determine whether there has been any illegal conduct or collusion with others to influence the market.

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