The meme stock soared on Wall Street after a Reddit post appeared to reveal a $173.6 million position in the video-game retailer.
Already a subscriber?GameStop surged in New York after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $US116 million position in the video-game retailer.
The screenshot, which also included 120,000 call options worth $US65.7 million due to expire on June 21, could not be verified. The options would allow him to buy the stock at $US20 a share, but would cost him some $US240 million to exercise. A follow-up post showed his shares are now worth $US140 million and the options carry a $US120 million value.
On X, Mr Gill also posted an image of a reverse card from the game UNO that indicates a player is changing the card pick-up direction. The post had attracted more than 10 million views in the 21 hours since its publication on Sunday night . “The lemmings who believe in Roaring Kitty might buy more stock at these prices, but there is nothing fundamental to support a valuation at this level,” Wedbush Securities analyst Michael Pachter said.
On Monday, other stocks favoured by retail traders also got a boost. AMC Entertainment rose as much as 32 per cent. Beyond Meat and Reddit were also stronger.
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