OPEN APP
Home / Companies / News /  Reddit legend Keith Gill boosts stake in GameStop

DeepF---ingValue has doubled down on GameStop Corp.

The trader, who became a legend on Reddit’s WallStreetBets forum for his prescient bet on the videogame retailer, posted a screenshot of his brokerage account on Friday afternoon that appears to show he bought an additional 50,000 shares of the stock. The Reddit user, whose real name is Keith Gill, now holds 100,000 shares of GameStop worth about $4 million, the screenshot shows.

The post doesn’t indicate when the shares were purchased. A previous update, posted the afternoon of Feb. 3, put his position at 50,000 shares. Mr. Gill declined to comment.

Much of the momentum surrounding GameStop has fizzled in recent weeks. Shares fell 23% this week to $40.59 and have dropped more than 90% since peaking on an intraday basis at $483 on Jan. 28. They closed Feb. 3 at $92.41.

Mr. Gill appeared at a congressional hearing about the GameStop frenzy on Thursday where he was asked by a lawmaker if he thought the stock was still appealing. “I do find that it’s an attractive investment at this price point," he responded.

Reaction to Friday’s post was swift on WallStreetBets, sending Mr. Gill’s post climbing toward the top of the forum’s page. “THE KING IS BACK," u/falael commented. Some complimented him on his testimony Thursday before the House Financial Services Committee.

“He put his money where his mouth is," u/Staafen2 commented. “This action speaks more than words said by any bear/bull I have seen here these past few weeks now."

Mr. Gill has been lauded as a hero among Reddit investors and appeared at Thursday’s hearing from his signature red chair, with a poster of a cat and red headband hanging behind him. He’s known as “Roaring Kitty" on YouTube.

“I’m as bullish as I’ve ever been on a potential turnaround. In short, I like the stock. And what’s stunning is that, as far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry," Mr. Gill said in his written testimony.

To some individual investors, Mr. Gill’s wager is a sign of his “diamond hands," or ability to hold on to risky bets for long periods.

Mr. Gill also told lawmakers that he acknowledges that his “aggressive style of investing" is probably not suitable for most people.

DeepF---ingValue’s total holdings as of Friday show roughly $17.4 million in his account, including around $11.9 million in cash, $4 million of GameStop shares and roughly $1.5 million in GameStop options contracts.

Mr. Gill had previously said on Feb. 3 that he would be backing off his regular Reddit updates of his GameStop holdings. At the time, the spotlight on him was growing. He now returns to the platform with a much larger following and fan base on social media than he had last year.

This story has been published from a wire agency feed without modifications to the text.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
Get alerts on WhatsApp
My ReadsRedeem a Gift CardLogout