GameStop Shares Soar After Keith Gill Reveals $116 Million Stake

Keith Gill's Massive Bet Reignites GameStop Frenzy, Propelling Shares Skyward

Editorial Team (ET)May 9, 2025

In a dramatic turn of events, GameStop Corp. shares surged after Keith Gill, the man behind the 2021 meme-stock frenzy, made a surprising return to Reddit. Posting under his infamous handle, Gill revealed a staggering $116 million position in GameStop, reigniting interest and speculation in the stock market.

The saga of GameStop and meme stocks began in 2021, when retail investors banded together on platforms like Reddit to drive up the prices of certain stocks, defying traditional market logic. Keith Gill, known as "Roaring Kitty" on social media, was a central figure in this movement, advocating for GameStop’s potential and rallying day-traders to push back against short sellers.

Keith Gill’s Return

On June 2, Gill posted a screenshot on Reddit showcasing his massive stake in GameStop. The post indicated that he held 5 million shares at an average cost basis of $21.27 each, making him one of the company’s largest investors. This revelation marked his first activity on the platform in over three years.

Impact on GameStop Shares

The market reaction was swift and intense. GameStop shares jumped as much as 75% on Monday, adding approximately $6 billion to its market capitalization. This surge triggered a temporary halt in trading due to volatility, highlighting the significant impact of Gill’s return.

The Position Details

Gill’s screenshot detailed his substantial investment in GameStop, comprising 5 million shares. The average cost basis of $21.27 per share underscores the scale of his commitment and belief in the company’s future.

Options and Potential Moves

In addition to his shares, Gill’s position included 120,000 call options worth $65.7 million, set to expire on June 21. These options, allowing him to buy more shares at $20 each, would cost around $240 million to exercise. If exercised, this would add 12 million shares to his holdings, further solidifying his status as one of GameStop’s top investors.

Market Reactions and Analysis

Analysts and investors alike are closely monitoring the situation. According to Bloomberg, exercising the options would elevate Gill to the fourth-largest shareholder, with a combined 17 million shares worth nearly $700 million. This bold move has sparked varied opinions from market experts.

Historical Context

Gill’s latest post harks back to April 2021, when he last shared a screenshot of his GameStop holdings. At that time, he held 200,000 shares, which has since multiplied significantly, especially considering the four-for-one stock split that occurred.

Gill’s Social Media Activity

Gill’s reappearance wasn’t limited to Reddit. His “Roaring Kitty” handle also made a comeback on X (formerly Twitter), posting a series of images and messages. One notable post included an image of a reverse card from the game UNO, symbolizing his strategic return. This post alone garnered 7.4 million views within hours.

The GameStop Rally

Following Gill’s posts, GameStop shares experienced a dramatic rally. The stock’s price soared by 75%, causing a temporary halt in trading. This rally added billions to the company’s market cap and captivated the financial world once again.

Wider Market Impact

The resurgence of interest in GameStop also buoyed other meme stocks. AMC Entertainment Holdings Inc. saw a rise of up to 32%, while Beyond Meat Inc. and BlackBerry Ltd. also experienced gains. This phenomenon underscores the interconnected nature of meme stocks and their collective influence on the market.

Analyst Opinions

Market analysts have offered mixed reactions to the surge. Robert Lea, a Bloomberg Intelligence analyst, cautioned against excessive exuberance, suggesting that the rally might be a negative sign given current market headwinds. Michael Pachter from Wedbush Securities highlighted the lack of fundamental support for such high valuations, urging caution among investors.

GameStop’s Strategic Moves

In response to the stock’s jump, GameStop previously capitalized on the surge by selling 45 million shares, raising roughly $933 million. This move, while dilutive to existing shareholders, was seen as a prudent strategy by many industry watchers. Similar strategies might be employed following the recent rally to bolster the company’s financial position.

Long-Term Outlook

Despite the recent excitement, GameStop faces significant challenges. The company’s core business has struggled, with revenue declines and a deteriorating market environment. Analysts remain skeptical about the long-term viability of the strategies touted by Gill and the company’s leadership.

Conclusion

Keith Gill’s return to Reddit has once again thrust GameStop into the spotlight, driving a massive surge in its stock price. While the immediate market reaction has been overwhelmingly positive, the long-term implications remain uncertain. Investors should approach with caution, considering both the potential rewards and inherent risks.

Game Stop

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