Recently, Keith Gill, widely known as “Roaring Kitty” in online forums, has made headlines again by increasing his ownership in GameStop’s common stock. By posting a screenshot of his E-Trade portfolio on Reddit’s Superstonk forum, it is evident that he now holds over 9 million GameStop shares and has more than $6 million in cash.
The Mysterious Jump in Ownership
Despite Gill’s transparency in sharing his portfolio details, the exact reason behind this increase remains a mystery. Speculations suggest that he might have sold a portion of his call options against GameStop or exercised them early to acquire more shares. The surge in trading volume of GameStop call contracts also raised questions about Gill’s actions, leading many to believe he may have begun offloading his holdings.
One of the key highlights of Gill’s recent moves is the significant growth in his portfolio value, which now stands at more than $268 million including cash. This is a notable increase from the $210 million value reported on June 2. With GameStop shares surging over 14% on Thursday, Gill’s strategic positioning seems to be paying off well.
In addition to Gill’s investment activities, GameStop itself has been making headlines. The company’s annual shareholder meeting faced disruptions due to computer problems, reflecting the overwhelming interest in the stream. Furthermore, GameStop recently raised over $2 billion in an equity sale to capitalize on the revived meme rally. The company plans to utilize the funds for general corporate purposes, which may include acquisitions and investments.
Overall, Keith Gill’s increasing ownership in GameStop stock and the company’s strategic financial moves showcase an intriguing development in the ongoing saga of meme stocks. As the market continues to react to these events, it will be interesting to observe how Gill’s investment decisions and GameStop’s corporate strategies unfold in the coming days.
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