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INVESTING
Meme Stock Billionaire?
GameStop (GME) shares skyrocketed again on Thursday, driven once again by Keith Gill, better known as "Roaring Kitty," who announced a return to YouTube for his first livestream in nearly four years. The anticipation surrounding this event sent GME shares soaring by 47%, closing at $46.55 and peaking at $47.50 during the session.
Roaring Kittyβs livestream, scheduled for noon on Friday, has already attracted more than 10,000 eager viewers. The chat box is buzzing with activity, reflecting the high expectations among traders and investors.
Volatility and Halts: The surge in trading volume led to temporary halts for volatility, showcasing the intense market interest and speculation surrounding GameStop.
Historic Context: Keith Gill gained fame in 2021 for sparking the meme stock frenzy that targeted heavily shorted stocks, burning short-sellers and driving unprecedented market movements.
Billion-Dollar Stake
As GameStop shares climbed another 31.6% after hours, closing at $61.27, Gill's holdings paint a picture of staggering wealth.
Massive Holdings: Screenshots shared by Gill reveal that he owns 5 million shares of GameStop and 120,000 call options with a $20 strike price.
Potential Billionaire: If Gill exercises his call options at the current after-hours price, his net worth would exceed $1.042 billion.
Gill's role in the 2021 GameStop saga turned him into a financial folk hero, illustrating the seismic shifts retail traders can cause in the market.
Regulatory Scrutiny Looms
While the financial world buzzes with excitement over Gill's return, regulatory eyes are watching closely. The Massachusetts securities regulator has launched a probe into Gill's trading activities.
Massachusetts Secretary of State Bill Galvin is investigating whether Gill's actions comply with securities laws, given his influential status and significant trading activities.
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