GameStop shares saw a significant increase in premarket trading on Monday, following trader Keith Gill’s disclosure of his $116 million stake in the company. Posting under the aliases “Roaring Kitty” and “DeepFuckingValue” on social media, Gill revealed his ownership of five million GameStop shares, leading to an 84% surge in the stock shortly before 5:00 a.m. ET. This announcement came after Gill had broken a three-year social media silence last month, which also resulted in a surge in GameStop’s stock price.
Late on Sunday, Gill posted a picture of a reverse “Uno” card on X, garnering 56,000 likes on Reddit’s r/SuperStonk forum. This recent development has caused GameStop shares to rally once again, after the volatility seen in January 2021 when Gill’s bullish analyses of the company triggered a short squeeze. Gill, who famously stated that he was “not a cat” during his testimony before the House Financial Services Committee, was portrayed by actor Paul Dano in the 2023 film “Dumb Money.”
The rise in GameStop’s stock price following Gill’s revelations reflects the ongoing interest and volatility surrounding meme stocks in the market. While the company has struggled in recent years, the support of high-profile traders like Gill has contributed to significant fluctuations in its share price. As the saga of GameStop continues to unfold, traders and investors alike will be closely watching for any further developments in this dynamic situation.