GameStop roars higher on Gill’s $116mln  ‘bet’

GameStop Corp (NYSE:GME) shares surged 71% in Monday’s trading after Keith Gill, known on social media as Roaring Kitty, posted a screenshot on Reddit that showed a $116 million position in the video game retailer.

The post revealed that Gill holds 5 million shares with an average cost basis of $21.27 each, plus 120,000 call options worth $65.7 million, set to expire on June 21.

Gill's return to social media, after a three-year hiatus, has reignited interest in meme stocks. His previous posts significantly influenced the retail trading frenzy around GameStop in 2021.

The Reddit post followed a series of meme videos posted to X (formerly Twitter) a number of weeks ago, which prompted a resurgence of so-called ‘meme trading’ through the month of May.

Elsewhere in the market AMC Entertainment (NYSE:AMC), the other high profile meme-stock that rallied aggressively in recent weeks,  also saw a rise in its share price, up around 13.5% trading at $4.91.

No trade details in AMC stock were posted about AMC stock, however.