Keith Gill, the trader who ignited the GameStop frenzy, is now seeing his GME holdings soar past $300 million. As GameStop’s stock rally persists, Gill is on the brink of becoming a billionaire, according to a recent post from The Kobeissi Letter on June 3.
“Roaring Kitty” is currently up over $300 million in his $GME position. The stock has now added $5 BILLION of market cap today alone. He could become a billionaire this week.
This prediction comes after GameStop shares surged by 74% in pre-market trading on Monday, as reported by Google Finance.
Interest in GME spiked anew when Gill revealed on Reddit that he holds $181.4 million in GME stock and call options, as per his June 2 post. His detailed screenshot showed an investment of $115.7 million in five million GME shares and $65.7 million in call options, betting that GME would exceed $20 per share by June 21.
Over the past five days, GME’s stock price has jumped more than 25% and has risen over 40.5% in the past month, reaching $23.13 as of 11:45 am UTC.
GameStop short sellers are experiencing significant losses. According to a May 30 post by financial data provider S3 Partners, short sellers have incurred a month-to-month loss of approximately $1.4 billion.
The Kobeissi Letter noted on June 3 that Citron Research, a notable short-selling firm, recently announced another short position in GME. In 2021, Citron Research faced a $100 million loss due to the retail buying surge led by Gill.
As GameStop’s saga unfolds, the financial world watches closely to see if Keith Gill will indeed become the first GME billionaire, marking a new chapter in the unprecedented stock market story.