- Keith Gill has put his money where his mouth is and purchased more shares of GameStop, according to a screenshot posted to Reddit.
- Gill bought 50,000 shares of the video-game retailer, bringing his total common stock stake to 100,000 shares.
- Gill explained his bullish case for GameStop stock in his testimony to Congress last week.
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Famed Reddit trader Keith Gill has increased his stake in GameStop, according to a screenshot he posted to Reddit on Friday.
Gill, who goes by Roaring Kitty on YouTube and Twitter and DeepF—ingValue on Reddit, now owns 100,000 shares of the video-game retailer, representing a double of his previous common share stake of 50,000 shares. Gill also owns call options on the stock, worth about $US1.5 ($2) million as of Friday.
In total, Gill’s current stake in GameStop, between his stock and call options, is worth about $US5.5 ($7) million. Gill has already realized profits in his GameStop investment of more than $US10 ($13) million.
Gill initially invested in GameStop in June 2019, when shares were trading below $US10 ($13). Last month, the stock topped out at $US483 ($613) after an epic short-squeeze was sparked by members of Reddit’s WallStreetBets forum. Gill’s initial $US50,000 ($63,430) investment in GameStop was briefly worth $US48 ($61) million amid the short-squeeze frenzy last month.
Gill testified to Congress last week and explained his bullish thesis on GameStop, which is predicated on a potential turnaround in the retailer, a shift to e-commerce sales, and the renewed video game console sales cycle from Sony and Microsoft.
Shares of GameStop traded up as much as 20% on Monday.