Keith Gill, known on X as RoaringKitty and DFV on Reddit, could become a billionaire through his bet on the popular meme stock GameStop (GME) if the price of the firm’s shares hit $67.5, given his massive position.
According to a recent report by the Kobeissi Letter, GME’s price surged to an impressive $67.5 during Thursday’s after-hours trading session and given Gill’s substantial holdings, which include both shares and options, he would have over $1 billion in his position if the market opened with the shares at that value.
Per the shared data, if GME were to open above $67.5 his share position would be worth around $325 million, while his options would be worth around $700 million, and combined both would make him a billionaire and lead to an $850 million gain on his position.
The trading session, however, saw the price of GME plunge with data showing shares are now trading at $37. As reported, Gill’s position is so large that at one pointed it surged by over $78 million in a single day.
On Reddit, RoaringKitty shared that he owns 5 million GME shares and 120,000 $20 call options which he has been accumulating over time.
It’s worth noting that the recent meme stock trading frenzy started after RoaringKitty returned to social media from a three-year hiatus that ended after his testimony in Congress.
RoaringKitty’s current portfolio, according to his latest updates on Reddit, is at around $586 million.
AMC Entertainment (NYSE; AMC), a movie theater chain, also experienced a significant uplift, as did various lesser-known cryptocurrencies associated with Roaring Kitty and GameStop.
Robinhood CEO Vlad Tenev has assured investors that the trading platform is well-prepared for the anticipated GameStop frenzy, emphasizing significant infrastructure improvements made to handle such market volatility while speaking on Fox Business.
Notably the trading platform Gill has been using, E*Trade, is reportedly considering banning the trader over potential stock manipulation according to the Wall Street Journal.
Featured image via Pixabay.
