On Monday, GameStop shares experienced a significant increase in premarket trading after trader Keith Gill disclosed his $116 million stake in the company. The revelation was made on Reddit’s r/SuperStonk forum, where Gill posted a snapshot of his five million GameStop shares. This disclosure caused the stock to surge by 84% before the market opened.
Gill, who is known as “Roaring Kitty” and “DeepFuckingValue” on social media, has had a significant impact on GameStop’s stock price in the past. In January 2021, his positive analyses of the company led to a short squeeze that made headlines. Despite his online persona and role in driving the meme stock phenomenon, Gill clarified to the House Financial Services Committee that he was indeed a serious investor, not just a meme creator.
The recent surge in GameStop shares can be attributed to both Gill’s disclosure and his social media activity. In addition to posting the snapshot of his shares on Reddit, he also shared a post featuring a reverse “Uno” card on Twitter. This further contributed to the stock’s rise.
The impact of Gill’s influence on GameStop’s stock price was dramatized in the 2023 film Dumb Money, where he was portrayed by actor Paul Dano. Despite his online persona and role in driving the meme stock phenomenon, Gill has proven to be a serious investor with a significant impact on GameStop’s financial performance.
