GameStop Stock Dips After Roaring Kitty Nearly Doubles Stake

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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.

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 board meeting is scheduled for 4pm ET today.

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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