At Extreme Investor Network, we are dedicated to providing our readers with timely and insightful information about the world of finance. Today, we are diving into the recent news surrounding GameStop Corp. and the Reddit account that ignited the meme-stock mania of 2021.
Recently, Keith Gill, known as DeepF— Value on Reddit, posted a screenshot revealing a $116 million position in GameStop Corp. The screenshot displayed five million shares bought at $21.27 per share, along with 120,000 call options worth $65.7 million set to expire on June 21. This news caused GameStop shares to surge to $37.90 on Germany’s Tradegate, representing a 64% increase from the previous day’s close.
Keith Gill, also known as Roaring Kitty, shared an image of a UNO reverse card on social media platform X, garnering over 4.5 million views in just a few hours. This sudden renewed interest in meme stocks amidst market uncertainties has been met with caution by experts like Robert Lea, a Bloomberg Intelligence analyst, who sees it as a potential sign of excessive exuberance and market headwinds.
Keith Gill had previously rallied day-traders on Reddit in 2021 to counter short sellers, believing GameStop had the potential to reinvent itself as a leading gaming destination. After a period of silence, he made a comeback on social media, leading to speculation about his re-entry into the market. GameStop shares, famously known for their dramatic rise in early 2021, have since experienced fluctuations, falling over 50% from their peak.
For more exclusive insights and analysis on the latest finance trends and market movements, stay connected with Extreme Investor Network. Our platform is your go-to source for in-depth financial content that goes beyond the headlines. Join us as we navigate the ever-changing world of finance together.