Keith Gill, a stock trader known for the GameStop short squeeze in 2021, is on his way to becoming a billionaire as GME shares continue to surge.
Gill, also known by his internet nicknames “Roaring Kitty” and “DeepFuckingValue,” revealed on June 2 that he had started trading GameStop stock again, with $180 million to play with.
The trader posted a $115.7 million position in GameStop shares and $65.7 million in call options on his Reddit account.
The trader’s revelation of another position on GameStop shook the stock market again, causing an uptick in the GameStop stock price. Robinhood’s overnight markets saw GameStop jump by 19% 20 minutes after the post, closing with shares up 38.8% in 2024 so far.
GameStop’s price currently sits at $46.55, a 118% gain since Gill shared his position.
Roaring Kitty set to be a billionaire
Global capital markets analysts at The Kobeissi Letter believe that Gill is “set to be a billionaire” as GameStop stock catapulted to $67.50 per share in after-hours trading. According to the stock analysts, if it opens at its current levels, Gill’s position will be worth around $1 billion.
The analysts also highlighted that the stock closed 110% higher than June 6 and added $9.5 billion in market capitalization in the previous 12 hours. This puts the company at a $20 billion valuation, making it one of the 400-largest public companies in the United States.
Related: E-Trade mulls booting meme stock trader Roaring Kitty: WSJ
Gill faces market manipulation probe
On June 3, prominent GameStop short-seller Citron Research criticized Gill’s move. The company accused Gill of manipulating the markets in an X post, alleging that the trader was working with someone else. It wrote:
“We believe someone is backing Gill — there’s no way he made this size trade alone. His reported finances don’t support this trade. Investors will see through this roaring Icarus.”
On June 4, the Massachusetts securities regulator reportedly opened an investigation into Gill’s moves. In a CNBC interview, former Chicago Securities and Exchange Commission official Lisa Braganca said the investigation would likely examine whether Gill is “moving the market.”
She explained that the regulators would check if Gill was potentially working with other people or engaging in illegal conduct. Braganca noted that the regulator may look at Gill’s communications, such as his texts or emails and even his communications on social media platforms Reddit or X.
“They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” Braganca added.
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