Keith Gill’s Ascent to Billionaire Status: GameStop Shares Soar

Keith Gill’s Ascent to Billionaire Status: GameStop Shares Soar

Keith Gill, the renowned stock trader who played a pivotal role in the GameStop short squeeze of 2021, is on the cusp of becoming a billionaire as GameStop (GME) shares continue their impressive surge.

Gill, widely known online as “Roaring Kitty” and “DeepFuckingValue,” announced on June 2 that he has resumed trading GameStop stock, armed with $180 million for his investment. On his Reddit account, he revealed a substantial position consisting of $115.7 million in GameStop shares and $65.7 million in call options.

This revelation sent ripples through the stock market once more, propelling GameStop’s stock price upward. Following Gill’s post, GME experienced a 19% jump in Robinhood’s overnight markets within 20 minutes, culminating in a year-to-date increase of 38.8%.

Currently, GameStop’s stock price stands at $46.55, marking a remarkable 118% increase since Gill disclosed his position.

Roaring Kitty on the Brink of Billionaire Status

Global capital markets analysts from The Kobeissi Letter predict that Gill is “set to be a billionaire” as GME’s stock soared to $67.50 per share in after-hours trading. If the stock opens at these levels, Gill’s holdings could be valued at approximately $1 billion, according to analysts.

The stock’s surge, which closed 110% higher than its June 6 levels, added $9.5 billion in market capitalization in just 12 hours. This increase has elevated GameStop’s valuation to $20 billion, positioning it among the 400-largest public companies in the United States.

Market Manipulation Probe

However, Gill’s recent activities have not gone unnoticed by critics and regulators. On June 3, Citron Research, a prominent GME short-seller, accused Gill of market manipulation. In a post on X, the company alleged that Gill could not have executed such a significant trade alone, questioning the legitimacy of his reported finances and suggesting potential collusion.

Massachusetts securities regulators have reportedly launched an investigation into Gill’s trading activities. Former Chicago Securities and Exchange Commission official, Lisa Braganca, stated in a CNBC interview that the investigation would likely focus on whether Gill is “moving the market” and if he might be collaborating with others or engaging in unlawful conduct.

Regulators will scrutinize Gill’s communications, including texts, emails, and social media interactions on platforms like Reddit and X, to determine if there is any evidence of market manipulation. Braganca emphasized that the concern is whether Gill’s actions constitute an attempt to manipulate the market for personal gain through illegal disclosures.

As the investigation unfolds, the market will be watching closely to see how these developments impact both Gill’s fortunes and the trajectory of GME’s stock.