FMP
GameStop Shares Skyrocket Over 100% Following DeepF— Value’s Post
Jun 3, 2024 5:03 PM - Davit Kirakosyan
Image credit: FMP
GameStop (NYSE:GME) shares surged over 100% in pre-market trading today following a screenshot shared by Keith Gill, known as DeepF— Value on Reddit, revealing a $116 million investment in the company. Currently, shares are up 24% intra-day today.
The screenshot from June 2 depicted Gill purchasing five million GME shares at $21.27 each. This marked his first post in three years and also showed he held 120,000 call options valued at $65.7 million, set to expire on June 21. These options would allow him to buy the stock at $20 per share.
On the social media platform X, Gill, under the username “Roaring Kitty,” shared an image of an UNO reverse card, symbolizing a shift in direction. This post received over 5.3 million views within eight hours of being published.
Gill had remained silent on social media since his 2021 campaign that rallied day traders on Reddit to buy GameStop stock, challenging short sellers and advocating for the company's transformation into a major gaming hub.
In mid-May, he reappeared on X with an image of a focused video gamer, hinting at his possible return to market activity.
Since his mid-May post, GameStop shares had fallen more than 50% after a brief rally. The stock had famously skyrocketed over 2,000% in early 2021, highlighting the meme-stock movement.
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