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Comeback of the Financial Influencer Drives GameStop Stock

Finance influencer surprises with portfolio insight on Sunday – Comeback drives new meme stock hype.

Eulerpool News Jun 4, 2024, 11:00 AM

Keith Gill, better known as "Roaring Kitty," has once again shaken up the financial world. The financial influencer, who was instrumental in the meme stock hype of 2021, returned to his social media channels in mid-May after a three-year hiatus. His comeback triggered massive price movements in GameStop, the original meme stock company. Over the course of a month, the video game retailer's stock surged by more than 40 percent.

On Sunday, Gill surprised with an insight into his portfolio. A screenshot published on Reddit shows that he owns five million shares of GameStop, which he acquired at $21.27 per share. The total value of these shares amounts to $115.7 million. Additionally, Gill apparently owns 120,000 call options with a strike price of $20, which expire on June 21. These were purchased for $5.68 per share and have a total value of around $65.7 million.

The GameStop stock closed at $23.14 on Friday at the NYSE, increasing by 2.34 percent. Over the past week, the stock saw a rise of 21.8 percent, also due to the recently announced issuance of shares worth $933.4 million, which brought 45 million shares into the company's coffers.

GameStop rally continued on Monday. Roaring Kitty's continued support for the struggling video game retailer is likely to keep the hype around GameStop shares and other meme stocks alive. On the NYSE, GameStop shares rose by as much as 24.07 percent to $28.71 at times.

These developments highlight the continuing significance of social media influencers in the financial world and their ability to trigger substantial market movements.

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