GameStop Stock Dips After Roaring Kitty Nearly Doubles Stake

GameStop’s share price has been choppy early Friday after prominent trader Keith Gill, better known as Roaring Kitty or DeepFuckingValue, announced late Thursday that he had significantly increased his holdings in GME from 5 million shares to just over 9 million.

In early trading Friday, GameStop’s stock has taken a 4% dip to $28.00, following Gill's disclosure late Thursday afternoon. It was previously up as high as $30.26 shortly after trading opened.

In a post on the Superstonk subreddit, Gill revealed that he had exercised some of his much-celebrated $20 call options, leading to a drop in his cash on hand from $29 million to $6.3 million. As a result, his GameStop holdings are now worth approximately $268 million, a slight change from the $262 million reported earlier this week and down sharply from his $586 million position last week following a GME price plunge.

This disclosure comes as GameStop prepares for its rescheduled board meeting this afternoon, where speculation is rife that the company may add Gill to its board of directors. However, this remains pure speculation at this point, fueled by social media hype around the company.

Roaring Kitty Now Owns $262 Million In GameStop Shares as Options Vanish

GameStop shares rose—then fell—in after-hours trading Thursday as Keith Gill, better known online as Roaring Kitty, flashed his holdings in the video game retailer again on Reddit. This time, however, the meme stock influencer showed holdings of an additional 5 million GameStop shares compared to his previous “YOLO update” on Monday. It appeared that Gill may have sold or exercised his much-celebrated $20 call options in GameStop, previously worth $82 million. Posting to the Reddit community Sup...

GameStop had initially postponed its annual meeting due to server issues that prevented shareholders from joining, largely attributed to overwhelming demand from fans eager to hear the gaming company’s next moves. The meeting, which will see shareholders elect five directors to serve for the next year, has been the subject of intense interest.

Keith Gill, the central figure in the 2021 GameStop short squeeze that saw retail traders rallying behind the video game stock, has been a driving force behind much of the interest in the company's future.

GameStop’s shareholders meeting is scheduled for Monday, June 17 at 12:30pm ET.

Edited by Andrew Hayward

Editor's note: This story was updated after publication to correct the date and time of the rescheduled shareholders meeting.