‘Roaring Kitty’ boosts GameStop bet, exercises options

GameStop is currently looking for a new CEO to replace Sherman as it pivots from a brick-and-mortar video game retailer to an e-commerce firm, Reuters reported on Monday, citing three sources.

NEW YORK: The Reddit user who helped fuel the surge in GameStop Corp’s stock price this year has doubled down on his bet by exercising his call options and buying even more shares.

Keith Gill, who goes by monikers “Roaring Kitty” and “DeepF_gValue, ” posted a screenshot of his portfolio showing that he has exercised 500 GameStop call options expiring Friday at a strike price of US$12 (RM49.51), giving him 50,000 more shares. The stock closed at US$154.69 on Friday.

On top of that, Gill bought another 50,000 shares of the video-game retailer, effectively doubling his holdings to 200,000 shares from 100,000 at the beginning of the month. His total investment in GameStop is now worth more than US$30mil, giving him a profit of nearly US$20mil.

Gill’s mother, Elaine Gill, reached by phone at his childhood home in Massachusetts, confirmed the Reddit screenshots posted by her son.

Gill rose to fame this year as one of the most influential voices on Reddit and YouTube amid an effort by retail traders to squeeze GameStop short-sellers. He testified at a congressional hearing in February, where he said he didn’t call for anyone to buy or sell the shares for his profit.

The comments came as he was hit with a lawsuit that accused him of misrepresenting himself as an amateur investor. The suit alleges that he was actually a licensed securities professional who manipulated the market for profit, which he denied. ─ Bloomberg

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