GameStop

Propel

Status

<a href="https://www.forbes.com/sites/dereksaul/2024/06/06/gamestop-shares-soar-30-as-meme-stock-leader-roaring-kitty-schedules-livestream/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">Keith Gill</a>, famously known for his role in the GameStop short squeeze of 2021, has reemerged in the financial spotlight as his recent trading activities propel him towards billionaire status.
Trading under the monikers “Roaring Kitty” and “DeepFuckingValue,” Gill disclosed on June 2 that he had resumed trading in GameStop stocks, commanding a hefty sum of $180 million.
The details of his investment were shared on his Reddit account, where Gill showcased a $115.7 million investment in GameStop shares and $65.7 million in call options.
This revelation stirred the stock market, notably boosting GameStop’s value. Following his post, GameStop’s stock price leapt by 19% in overnight markets operated by Robinhood, and has since surged by 38.8% in 2024.
Analysts from The Kobeissi Letter, a respected source in global capital markets analysis, predict that Gill’s financial trajectory could see him become a billionaire.
They pointed out that with GameStop’s stock reaching $67.50 per share after hours, Gill’s holdings could approximate $1 billion if the stock opens at similar levels.
Furthermore, the stock analysts noted that since June 6, GameStop’s stock has closed up 110%, adding $9.5 billion to its market capitalization within just 12 hours.
This dramatic increase places GameStop’s valuation at around $20 billion, categorizing it as one of the top 400 public companies in the U.S.
However, Gill’s aggressive market tactics have not gone without scrutiny.
READ MORE: <a href="https://www.cryptointelligence.co.uk/fidelity-strategist-matt-horne-recommends-small-bitcoin-allocation-for-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors</a>
On June 3, Citron Research, a prominent critic and short-seller of GameStop, accused him of market manipulation in a post on X.
They suggested that Gill must be collaborating with other financiers, stating, “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.”
The following day, Massachusetts’ securities regulator initiated an investigation into Gill’s recent market activities.
Lisa Braganca, a former official at the Chicago Securities and Exchange Commission, mentioned in a CNBC interview that the probe will likely explore whether Gill’s actions constituted market manipulation.
She elaborated, “They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” indicating a thorough review of Gill’s communications across various platforms, including Reddit and X, will be part of the investigation.
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Keith Gill’s GameStop Trades Propel Him Toward Billionaire Status Amid Market Manipulation Probe

Crypto Intelligence

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