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Keith Gill’s Astounding $289 Million GameStop Gain Shocks Wall Street

by Sham
June 4, 2024
in Business, Finance
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Keith Gill’s Astounding $289 Million GameStop Gain Shocks Wall Street
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  • Keith Gill’s wealth skyrocketed from $53,000 in 2019 to nearly $300 million due to his GameStop stock position
  • If Gill exercises his 120,000 call options on GameStop by June 21, he could own 17 million shares, making him the fourth-largest shareholder
  • At GameStop’s peak price of $648.3, Gill’s stake would be worth $11 billion, though his cost to acquire the shares via options would be around $424 million

Keith Gill, known by his online personas Roaring Kitty and DeepF——Value, turned a $53,000 investment into nearly $300 million in just a few years by betting on GameStop. His meme stock influence is unmatched on Wall Street.

ICYMI: Roaring Kitty (@TheRoaringKitty) now has an estimated net worth of over $289 million from his GameStop $GME investments

— BlockNews.com (@blocknewsdotcom) June 4, 2024

How It All Started

In September 2019, Gill revealed he had invested $53,000 in GameStop. He believed the struggling video game retailer was undervalued and encouraged other retail investors on Reddit to buy the stock. The goal was to squeeze out short-selling hedge funds who were betting against GameStop.

Gill’s Stake Grows

By April 2021, Gill had exercised his options to obtain 200,000 GameStop shares. On Monday this week, he posted a screenshot showing he still owned 5 million shares and 120,000 call options even after the stock’s recent rally. His net worth now stands at over $289 million, including a $79 million gain on Monday alone.

The Power of Options

Gill’s call options give him the right to buy 12 million more GameStop shares at $20 each. If he exercises those options, he would become the 4th largest shareholder. The notional value if exercised is $240 million. However, coming up with the cash to exercise the options could be tricky without selling some stock.

The Path to $1 Billion

If Gill exercises his call options and holds onto the 17 million total shares, his stake would be worth $476 million at Monday’s closing price of $28 per share. At the peak of $64.83 on May 14, his stake would have topped $11 billion. While possible, rolling over the options could be costly.

The Legend Continues

Despite GameStop’s ongoing struggles to reinvent itself for the digital age, Gill has maintained his faith in the company. His meme stock influence is unparalleled, as cryptic posts can still move the stock. While risky, his epic GameStop trade has cemented his status as a Wall Street legend.

Tags: GameStopKeith GillredditRoaring KittyWall Street
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