GameStop: Roaring Kitty’s $240 million options gamble pays off – Check it out!

New York City, NY – Roaring Kitty, also known as Keith Gill, attracted over 400,000 viewers to his live YouTube stream on GameStop. The stock saw a significant decline, dropping by 40% during the session to around $28 per share. However, despite the drop, Gill’s call options remain profitable with a strike price of $20, set to expire on June 21. If exercised, Gill would have $240 million worth of stock purchased at $20. To acquire the stock, Gill would need $240 million to take custody after exercising the call options.

During the livestream, Gill announced the end after about 50 minutes, with GameStop trading being halted multiple times. The stock continued to plummet, down more than 40%, marking its largest one-day loss since February 4, 2021, and ranking as the company’s fourth worst day in history.

As the livestream concluded, other meme stocks experienced a decline in sympathy with GameStop. AMC Entertainment’s shares sunk by around 14% during the stream and were down nearly 19% for the year. Roaring Kitty emphasized his focus solely on GameStop, revealing that his positions in the company were his only bets in the portfolio.

Gill expressed his confidence in GameStop by stating that the stock is in the second phase of his investment thesis, involving a reinvention led by CEO Ryan Cohen and management. Despite facing speculation of institutional backing due to the size of his positions, Gill confirmed that he is not working with hedge funds or any other institutional investors.

During the livestream, Gill mentioned that the GameStop positions he shared, including five million common shares and 120,000 call options, were his only investments. He also clarified that he does not have a lawyer present with him while streaming and expressed his lack of a specific game plan for the livestream.

Gill’s return to livestreaming after a spike in GameStop’s stock value has garnered attention, with his positions resulting in a sizable paper profit of $375 million as of Thursday. Should the stock hit Gill’s strike price of $20 before the call options expire on June 21, he could acquire an additional 12 million shares, potentially making him the fourth largest shareholder. Gill’s respected investment strategy has sparked interest in the market and among retail traders, demonstrating the impact of social media on stock performance.