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On Friday, Keith Gill might become a billionaire. GameStop (GME) stock increased 31.6% after hours to close at $61.27 per share, after rising 47.5% on Thursday.
Keith Gill displayed screenshots allegedly demonstrating his ownership of 120,000 $20 strike call options and 5 million GME shares. The retail trader who ignited the meme stock craze in 2021 would be worth $1.042 billion at that after-hours price if he were to exercise those options now.
GameStop stock news
Retail is fully focused on a different event, as the rest of the market waits for Friday’s US Nonfarm Payrolls report for May. That would be Gill, also known online as DeepFuckingValue or Roaring Kitty, demonstrating his promise to energize the GME supporters with a Friday YouTube webcast.
The screenshot he uploaded indicates that the livestream is set to begin at 12:00 pm EST or 16:00 GMT. There’s a lot of conjecture on the internet that Gill will exercise his call options during the webcast. Using the share price after hours, his options are valued at around $730 million. His five million shares are valued at approximately $300 million.
Seeing as these huge trades are so unusual for one person to conduct, some observers wonder if Gill has support. A few weeks ago, an E-Trade executive suggested that Gill’s account could be closed on the platform; however, since Gill returned from seclusion in mid-May, the company has not taken any action.
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Another trading site that is popular with younger traders, RobinHood, says it is ready for significant volatility on Friday.
When the company releases its quarterly results on Tuesday, June 11, it anticipates a loss of $27 to $37 million. It is anticipated that GameStop will post $882 million in sales with a loss of roughly 9 cents per share. Wedbush Securities has set a $7 price objective for the shares, citing the expectation that as gamers shift to digital purchasing, same-store sales will decline from the previous year.
