GameStop stock surges after Roaring Kitty returns with $213 million “YOLO” bet
YouTube: Roaring Kitty / GameStopKeith Gill, also known as Roaring Kitty has posted a Reddit thread, revealing that he has a $213 million position in GameStop’s stock, and has 120,000 call positions worth $65m in place for a strike price of $20, expiring on June 21. The stock closed at $23.14 on May 31.
Also known as “DeepF**kingValue” on Reddit, Roaring Kitty posted a thread showcasing 5 million GameStop shares on the /r/Superstonk subreddit. This is the first update from Gill on his positions in three years.
The poster was the lead figurehead behind the 2021 GME short squeeze, and was portrayed by Paul Dano in the 2023 movie Dumb Money, chronicling 2021’s GameStop stock saga.
Roaring Kitty’s $65.7m stake in call positions has not gone unnoticed, with the stock surging 85% in pre-market valuation, up over 20 points to around $43.30 at the time of writing, this equals a total position valued at $213 million in Monday’s pre-market trading figures.
Should GameStop’s pre-market trading figures hold, it could add around $8 billion to the stock’s market cap.
Posting on his X / Twitter account, Gill simply shared an image of a Uno reverse card. He currently holds 5 million shares in GME.
Redditors have also been hailing the return of Roaring Kitty, with users commenting: “We are witnessing history”, “If he’s still in, I’m still in” and “The return of the king”. Unusual Whales has been tracking Roaring Kitty’s positions on GME, and has broken down his total position on X / Twitter.
On X/Twitter, GameStop is currently enjoying a surge in popularity, with a 21% increase in mentions on the social media platform over the last seven days.
Should GME continue to surge, it’s possible that conditions for a replication of the 2021 short squeeze could once again be recreated. According to Reuters, the surge currently being enjoyed by GME could lead to “nearly $1 billion” in paper losses for short sellers of the stock.