Stock Trader Keith Gill Increases GME Stake and Speculation Surrounds Board Position

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by Giorgi Kostiuk

2 years ago

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Stock Trader Keith Gill Increases GME Stake and Speculation Surrounds Board Position

Stock trader Keith Gill, widely known for his involvement in the GameStop (GME) short squeeze, has recently acquired additional shares of GME. Gill, also recognized as 'Roaring Kitty' and 'DeepFuckingValue,' disclosed on June 13 that he purchased 4 million more shares of GME. This recent acquisition has elevated Gill's total stake to over 9 million shares, valued at approximately $262 million based on GME's closing price that day.

The trader also opted to close his GME call options set to expire the following week.

Speculation on Gill Joining the GME Board

As Gill surpassed the 9 million share milestone, members of the community began to speculate on the possibility of the stock trader joining GameStop's board of directors. Based on a GameStop filing, a fellow stock trader suggests that Gill's increased shareholdings now position him as the fourth-largest shareholder of GME. There are thoughts within the trading community that the stock's momentum could lead to a surge in GME's price to $200. Additionally, another trader anticipates Roaring Kitty's potential board appointment leading to a further increase in the stock's value.

Roaring Kitty's GME Resurgence

On June 2, GME experienced a price rally following Gill's revelation of a $180 million position in the stock. Through his Reddit account, Gill unveiled a $115.7 million stake in GME shares and $65.7 million in call options. This disclosure had a notable impact on the market, causing an upward movement in the stock's price. Notably, Robinhood witnessed a 19% surge in GME just 20 minutes after Gill's announcement.

As prices soared, community members speculated on the potential value of Gill's shares reaching $1 billion if the prices aligned with their after-hours trading rates from June 7 at $67.50. However, the prices did not reach this heightened point. Presently, GME is trading at $29 a share.

The founder of Mt. Zion Market Ventures, Jacob Slade, drew parallels between Gill's current share holdings in GameStop and those disclosed by GameStop CEO Ryan Cohen upon joining the company. Slade further pointed out a post on Gill's official Twitter account referencing a meme from The Office, which added to the speculation.

Additionally, Slade mentioned GameStop incorporating an Easter egg on its website that alludes to Roaring Kitty. The executive theorized that the rescheduling of GameStop's annual meeting to June 17 coincided with National Take Your Cat to Work Day, hinting at a potential connection to Gill's involvement with GameStop.

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