Roaring Kitty, also known as Keith Gill, returned for his first livestream in over three years, with more than 80,000 people eagerly waiting for his kickoff. His livestream focused on GameStop, a meme stock that he famously bet on and made significant paper profits. Prior to the livestream, GameStop released a surprise fiscal first-quarter earnings report, showing a decline in net sales to $881.8 million and a narrower loss of $32.3 million. The company also announced plans to sell an additional 75 million shares on top of the 45 million shares previously sold.
Keith Gill’s GameStop bet made him $375 million in paper profits as of Thursday, as he continued to hold five million shares of GameStop common stock and 120,000 call options. The market value of his positions grew significantly from Sunday to Thursday. However, with GameStop shares plunging 20% on Friday morning, his paper profit may have taken a hit. If Gill exercises his call options with a strike price of $20 and they expire on June 21, he could potentially increase his stake in GameStop to 17 million shares, making him the fourth largest shareholder.
There is speculation about what Gill will do with his GameStop positions, as many believe that selling the options could put significant downward pressure on the stock due to the size of his position. The Wall Street Journal reported that Morgan Stanley’s E-Trade broker was considering booting him due to concerns about market manipulation. It is unclear how Gill will proceed with his GameStop holdings and whether he will exercise his options or roll them to a further expiration date at a potentially costly premium.
The livestream hosted by Roaring Kitty was highly anticipated, as fans and followers of Gill sought insights into his GameStop investment and future plans. The impact of GameStop and meme stocks on the market has been significant, with Gill’s bet on GameStop yielding substantial paper profits. The release of GameStop’s earnings report ahead of the livestream added to the excitement and speculation surrounding the company’s stock and future prospects.
With GameStop shares experiencing volatility and Gill’s positions potentially influencing the stock price, many are watching closely to see how events unfold. Gill’s decision to hold or sell his GameStop holdings could have a significant impact on the stock’s performance and the broader market. As the saga of GameStop and meme stocks continues to evolve, investors and market participants await further developments and potential insights from Roaring Kitty’s livestream and future actions.
