Roaring Kitty's GameStop Frenzy: Holding 9M Shares! 🚀

Keith Gill increases stake in GameStop

Keith Gill, also known as “Roaring Kitty,” has significantly raised his investment in GameStop. On Thursday, Gill shared a snapshot of his E-Trade portfolio on Reddit’s Superstonk forum, revealing that he now holds over 9 million shares of GameStop and more than $6 million in cash. This shows a notable increase from his initial disclosure of 5 million shares at the start of June, along with 120,000 call options on GameStop.

Gill’s trading strategy

It remains unclear how Gill managed to increase his stake in GameStop to its current level. He may have sold all 120,000 call options to acquire more shares, or he might have sold a portion and exercised the remaining options early.

Call options provide the right, but not the obligation, to purchase shares at a predetermined price before a specific expiration date.
Trading volume increased for GameStop call options with a $20 strike price and a June 21 expiration date, similar to Gill’s holdings, leading to speculation about Gill’s actions.

Gill’s potential influence

A report from Fortune suggests that Gill may have broader ambitions beyond profit. The article speculates that he might be positioning himself to influence GameStop’s transformation by seeking a seat on the company’s board. This speculation arises from Gill’s recent financial gains and potential interest in a more active role within GameStop.

Gill could be seeking a seat on GameStop’s board to potentially exert influence over the company’s future.
His financial gains may indicate a desire for a more significant role within the company beyond trading.

GameStop shareholder meeting disruptions

GameStop’s annual shareholder meeting faced technical issues and was postponed due to server crashes. The meeting was scheduled to start at 11 a.m. ET on Thursday and was to be hosted on ComputerShare but faced disruptions due to overwhelming interest.

The meeting was briefly held but adjourned due to technical difficulties, with plans to reconvene on Monday.
GameStop raised over $2 billion through an equity sale, leveraging renewed interest in meme stocks for general corporate purposes.