June 3 Reuters GameStop shares surged more than 70 on Monday after Roaring Kitty Keith Gill, the stocks influencer behind the 2021 retail trading frenzy, returned to Reddit with a post showing a 116 million bet on the embattled videogame retailer.
The stock was set to add 4.6 billion to its market value. Roughly 1.9 billion worth of shares changed hands by 942 a.m. ET 1342 GMT, more than Tesla39;s 1.6 billion or Apple39;s 1 billion, according to LSEG data.
It was Gill39;s first post in three years from his Reddit account, where screenshots of his bullish GameStop trades triggered a rush of demand in 2021 for meme stocks often companies with weak fundamentals that gained a cultlike following through social media hype among retail traders.
The screenshot posted on Sunday showed a GameStop holding of 5 million, or 1.8 of its publicly available stock. Gill39;s last post from April 2021, titled final update, showed a holding of 200,000 shares worth 30.9 million.
Sunday39;s post also revealed 65.7 million worth of call options expiring on June 21 at a strike price of 20.
The stock wrapped up a volatile month at 23 on Friday, about 33 higher since Gill began sharing cryptic posts and memes from his Roaring Kitty account on X.com in May, sparking speculation over whether he would resume sharing his trades online after the hiatus.
Keith Gill is putting his money where his tweets are, and some investors are clearly following his lead and rekindling interest in meme stocks,…