GameStop stock soars as 'Roaring Kitty' announces livestream, reveals $382 million unrealized gain
What specific event caused GameStop stock to soar recently?
The recent soaring of GameStop stock can be attributed to several factors. One of the key events was the reemergence of Keith Gill, also known as "Roaring Kitty" on social media. Gill, a former financial analyst at MassMutual, gained a large following on Reddit discussion boards and YouTube for his bullish videos and posts about GameStop, which contributed to the meme stock rally in 2021.
Recently, Gill's Roaring Kitty account on Reddit posted a screenshot purporting to show their portfolio ballooning to $586 million, including GameStop stock holdings and unexercised options positions. This disclosure sparked a surge in GameStop's share price. Additionally, a YouTube account believed to be tied to Gill announced a livestream scheduled for Friday at noon ET, which also caused excitement among investors and led to a further increase in the stock price.
Another factor contributing to the stock's rise was the company's announcement that it had made $933 million in the sale of 45 million common shares of its stock1. While the initial announcement of the stock sale earlier this month resulted in the share price falling, the completion of the equity offering and the potential for the company to use the proceeds to invest in its digital transformation helped boost the stock price16.
Overall, the combination of Gill's reemergence, his purported significant holdings in GameStop, and the company's equity offering completion contributed to the recent soaring of GameStop stock.
What was the total value of Keith Gill's portfolio, including GameStop stock and unexercised options, as revealed in his latest screenshot?
Keith Gill's portfolio, including GameStop stock and unexercised options, was revealed to be worth approximately $586 million in his latest screenshot. This substantial increase in value was largely attributed to his significant holdings in GameStop, which have been at the center of the meme stock phenomenon over the past few years.
How much did Gill originally pay for his position in GameStop, and what was its value at the time of his earlier disclosure?
Gill originally paid $175 million for his position in GameStop. At the time of his earlier disclosure, the position was valued closer to $210 million.