Keith Gill, also known as "Roaring Kitty" on social media, made headlines on Monday when he scored a $79 million one-day gain on his GameStop bet. The massive gains were initially sparked by Gill disclosing his bet on GameStop worth more than $100 million. Part of Gill's GameStop bet is a $20 call option on the stock that expires later this month.
In a Reddit post titled "GME YOLO update," Gill shared a screenshot of his E*Trade brokerage account after the market close on Monday. The screenshot revealed that Gill still held onto all of his 5 million shares and 120,000 call options of GameStop. This resulted in a $33.6 million one-day profit on his stock position and a $54.3 million gain on his call option stake, totaling a $79 million one-day gain.
Gill's call options on GameStop expire on June 21 and give him the option to acquire 12 million shares of the company at the $20 strike price. Including total cash of $29.3 million, Gill's total account value is now $289.3 million, making him the fifth largest shareholder in GameStop.
The sharp rise in GameStop stock was initially sparked by Gill himself after he returned to Reddit for the first time in years to post a screenshot of his brokerage account on Sunday. This post came after his "Roaring Kitty" Twitter account posted memes and sparked another rally in the meme stock.
The trading activity in GameStop stock following Gill's social media posts has raised concerns of potential market manipulation. E*Trade is reportedly considering a decision to kick Gill off its platform, and there are speculations online that Gill may not be in control of the social media accounts that sparked the latest rally.