GameStop Bulls Charge as Roaring Kitty Returns with $116 Million Bet

GameStop Corp. shares surged over 90% in premarket trading on Monday following a Reddit post from the influential investor Keith Gill, revealing a $116 million investment in the gaming retailer.

Keith Gill’s screenshot displayed a purchase of five million GameStop shares at an average of $21.27 per share, igniting market enthusiasm.

The gaming retailer’s shares experienced significant trading volume, with 4.4 million shares changing hands by the early hours of 4:30 a.m. ET.

It was the first time Keith Gill addressed his Reddit followers, also known as «Roaring Kitty», since his resurgence to X.com in mid-May, indicating a potential active return to the investing scene.

GameStop shares had encountered a decline of over 50% subsequent to a short-lived rally spurred by Keith Gill’s earlier posts in May.

A fresh screenshot disclosed $20 call options for GameStop set to expire on June 21, adding to the anticipation within the market.

In a recent post shared on X.com, Keith Gill hinted at his reengagement with an image featuring an UNO reverse card, a symbol familiar to fans of the popular card game.

The post swiftly garnered about 5.5 million views within nine hours of being published at 8 p.m. on a Sunday night, New York time.

Noteworthy meme stocks alongside GameStop surged as well: AMC Entertainment Holdings Inc., Tupperware, US-listed shares of BlackBerry, and the retail-trader focused brokerage Robinhood saw increasing market traction following the GameStop rally.