FILE - Pedestrians pass a GameStop store on 14th Street at Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York. Shares of GameStop are soaring before the market opened on Monday, June 3, 2024 following speculation that the man at the center of the pandemic meme stock craze owns a large number of shares of the video game retailer that may be worth millions.. (AP Photo/John Minchillo, File)
FILE - Pedestrians pass a GameStop store on 14th Street at Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York. Shares of GameStop are soaring before the market opened on Monday, June 3, 2024 following speculation that the man at the center of the pandemic meme stock craze owns a large number of shares of the video game retailer that may be worth millions.. (AP Photo/John Minchillo, File)
JMShares of GameStop are soaring in early trading on Monday following speculation that the man at the center of the pandemic meme stock craze owns a large number of shares of the video game retailer that may be worth millions.
GameStock's stock jumped more than 37% in morning trading.
Keith Gill, better known as “Roaring Kitty" on social media platforms YouTube and X, also goes by the name Deep F- - - - - - Value on Reddit. Late Sunday the Reddit account shared a screenshot in the r/SuperStonk forum that people are speculating could be an image of the shares and call options Gill holds in GameStop. The image showed that Gill may hold 5 million shares of GameStop that were worth $115.7 million as of the closing price on Friday. The screenshot also showed 120,000 call options in GameStop with a $20 strike price that expires on June 21. The call options were bought at around $5.68 a piece.
In addition, Gill's account on X posted a picture of a reverse card from the popular game Uno on Sunday night. There was no text accompanying the image.
This latest activity comes about three weeks after Gill spiking the price of GameStop at the time. In May, the “Roaring Kitty†account posted an image on X of a , a meme used by gamers when things are getting serious.
The post on X was followed with a YouTube video from years before when Gill championed the beleaguered company GameStop saying, “That’s all for now cuz I’m out of breath. FYI here’s a quick 4min video I put together to summarize the bull case.â€
in 2021 was a video game retailer that was struggling to survive as consumers switched rapidly from discs to digital downloads. Big Wall Street hedge funds and major investors were betting against it, or shorting its stock, believing that its shares would continue on a drastically downward trend.
Gill and those who agreed with him changed the trajectory of a company that appeared to be headed for bankruptcy by buying up thousands of GameStop shares in the face of almost any accepted metrics that told investors that the company was in serious trouble.
That began what is known as a “short squeeze,†when those big investors that had bet against GameStop were forced to buy its rapidly rising stock to offset their massive losses.
Others that joined the meme surge on Monday include movie theater chain AMC Entertainment Holdings, which is up more than 12%. Koss Corp. a headphone manufacturer, rose nearly 6% and BlackBerry, the one time dominant smartphone maker, climbed more than 2%.
The ºÃÉ«tv Press. All rights reserved.
Canada is entering a new era of nation-building. From clean-energy corridors and c…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
