Roaring Kitty’s GameStop shares soar to nearly $1 billion, as Keith Gill's latest GME position shakes the stock market. Analysts predict billionaire status while facing market manipulation investigation.
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.The trader posted a $115.7 million position in GME shares and $65.7 million in call options on his Reddit account.
The trader’s revelation of another position on GME shook the stock market again, causing an uptick in the GME stock. Robinhood’s overnight markets saw GME jump by 19% 20 minutes after the post, while GME closed with shares up 38.8% in 2024.GME’s price currently sits at $46.55, showing a 118% gain since Gill shared his position.that Gill is “set to be a billionaire” as the GME stock catapulted to $67.50 per share in after-hours trading.
The analysts also highlighted that the GME stock closed 110% higher than June 6 and added $9.5 billion in market capitalization in the last 12 hours. This puts the company at a $20 billion valuation, making it one of the 400 largest public companies in the United States.. The company accused Gill of manipulating the markets in an X post and alleged that the trader was working with someone else.
“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.”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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