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06/07/2024

Roaring Kitty's billionaire status hinges on GameStop's $67 mark

06/07/2024
4,4

Keith Gill, better known by his online persona Roaring Kitty, is on the verge of achieving billionaire status if GameStop's share value (GME) exceeds $67.

The Kobeissi Letter highlighted that GameStop's shares escalated to $67.5 during the after-market hours on Thursday. Gill's investments, comprising both shares and options, are set to eclipse the $1 billion threshold should GME's opening price hit or outstrip this figure.

Should $GME commence trading at or beyond these figures tomorrow, his equity will approximate $325 million and options around $700 million, amassing roughly $1 billion… pic.twitter.com/UqnUPoShnv

— The Kobeissi Letter (@KobeissiLetter) June 6, 2024

GameStop ended Thursday's trading at approximately $46.5, marking a close to 50% gain within a single day. This surge followed Gill's announcement of kicking off a YouTube livestream on Friday.

Following Thursday's significant rally, Gill, who also goes by the Reddit handle DeepF***ingValue, witnessed a 119% and 376% surge in his GME shares and call options, respectively. By the end of Thursday, his portfolio was valued at around $586 million, including $382 million in unrealized gains.

Friday anticipates an electrifying atmosphere with Gill's forthcoming live stream set for today. GameStop's stocks saw a more than 40% increase in pre-market trading today, based on data from Google Finance.

Robinhood CEO Announces Preparedness for GameStop Upsurge

Robinhood's CEO, Vlad Tenev, communicated on Thursday that the platform is well-prepared for the anticipated GameStop upheaval, prompted by Roaring Kitty's live stream on YouTube.

"We're ready. Our efforts have significantly advanced our infrastructure," Tenev expressed during a conversation with FOX Business on Thursday. "A lot of these movements commence over the weekend or late in the evening, like this Sunday."

Concurrently, E*Trade contemplates imposing a ban on Gill amid apprehensions over possible stock manipulation, as per a WSJ report from Monday.

Keith Gill made a return to social media last weekend, making posts on X and Reddit. He disclosed purchasing 5 million GME shares for $115.7 million and investing $65.7 million in call options, leading to a 19% surge in GameStop’s shares following his announcement.

Gill's comeback has also ignited interest in Kitty-themed memecoins and the Solana-based token GME, which bears no relation to the gaming retail corporation.

After Roaring Kitty marked his return to X on Monday, the memecoin GME witnessed a 300% spike in a matter of hours. The cryptocurrency experienced nearly a 100% increase last night following the announcement of Gill's live stream.


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