GameStop Shares Surge 21% as Roaring Kitty Reveals $116 Million Stake

Jun 4, 2024, 07:40 PM

GameStop shares have surged following the revelation that Keith Gill, known as Roaring Kitty, has accumulated a significant stake in the company. Gill disclosed a $116 million stake, including 5 million shares worth $140 million and 120,000 call options valued at $120 million. This announcement has led to a 21 percent increase in GameStop's stock price, reaching the 32-dollar range. Gill's recent trades, totaling $68.1 million with an average price of $5.67 per contract, have resulted in a one-day gain of $79 million. However, Gill's activities have drawn scrutiny from regulatory bodies. E*Trade, owned by Morgan Stanley, is reportedly considering banning Gill from its platform due to concerns about potential stock manipulation. Additionally, the Massachusetts Securities Regulator and the SEC are investigating his trading activities. Despite the regulatory concerns, Gill's influence on the stock market remains significant, with his net worth now over $289 million.