GameStop’s stock price was volatile on Friday after famed trader Keith Gill, better known as Roaring Kitty or DeepFuckingValue, announced late Thursday evening which had significantly increased its stake in GME from 5 million shares to just over 9 million.
In early trading Friday, GameStop shares fell 4% to $28.00, following Gill’s disclosure late Thursday afternoon. It had previously risen as high as $30.26 shortly after the opening of trading.
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 from $29 million to $6.3 million. As a result, his GameStop holdings are now worth about $268 million, a slight change from the $262 million reported earlier this week and a sharp decline from his value. $586 million position last week following the collapse in GME prices.
This revelation 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, at this point this remains pure speculation, fueled by social media hype around the company.
GameStop had initially postponed its annual meeting due to server problems this 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 next year, was the subject of intense interest.
Keith Gill, the central figure of the GameStop short squeeze 2021 which saw retail traders rally behind video game stocks, has been a driving force behind much of the interest in the company’s future.
GameStop’s board meeting is scheduled for today at 4:00 pm ET.
Edited by Andrew Hayward
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