GameStop investor Keith Gill, known for the 2021 short squeeze, is on his way to becoming a billionaire. Known online as Roaring Kitty, Gill announced on June 2 that he resumed trading GameStop shares with $180 million. The investor reported a $115.7 million position in GameStop shares and $65.7 million in call options on his Reddit account.
Famous Investor Could Become a Billionaire
Gill’s new position in GameStop shook the stock market again, causing a rise in GameStop’s stock price. Robinhood saw a 19% increase in overnight markets 20 minutes after the announcement, with shares up 38.8% in 2024 so far.
GameStop shares are currently at $46.55, a 118% increase since Gill shared his position. Global capital market analysts at The Kobeissi Letter believe Gill is poised to become a billionaire as GameStop shares surged to $67.50 in after-hours trading. If opened at current levels, analysts estimate Gill’s position to be around $1 billion.
Analysts also highlighted that the stock closed 110% higher than on June 6, adding $9.5 billion to its market value in the past 12 hours. This makes the company one of the top 400 publicly traded companies in the US with a valuation of $20 billion.
Notable Comments on the Matter
On June 3, GameStop‘s leading short seller Citron Research criticized Gill’s move. The company accused Gill of market manipulation in an X post and claimed he was working with someone else. They shared the following statement:
“We believe someone is backing Gill; there’s no way he could make such a large transaction alone. His reported financial status doesn’t support these transactions. Investors will see through this roaring Icarus.”
On June 4, it was reported that Massachusetts securities regulators launched an investigation into Gill’s actions. In an interview with CNBC, former Chicago Securities and Exchange Commission official Lisa Braganca said the investigation would likely examine whether Gill was manipulating the market.
Regulators will check if Gill potentially collaborated with others or engaged in illegal activities. Braganca noted that regulators could look into Gill’s communications, such as texts or emails, and even his interactions on social media platforms like Reddit or X.
