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Akin to a telenovela that throws a twist just when you think the seemingly endless drama is about to end, Roaring Kitty's GameStop-related moves have continued to provide ample speculative fodder today to the media and seasoned analysts alike.
This latest episode of the ongoing meme stock saga began on late Sunday night when Keith Gill, who goes by the moniker Roaring Kitty and is widely considered the architect of the retail-led push into stocks like GameStop, revealed that he now held around $65 million worth of $20 calls on GameStop along with over $115 million worth of shares and $29 million in cash.
By early Monday morning, GameStop shares had soared by around 80 percent. However, the stock closed the trading day with a much more modest 21 percent gain.
BREAKING: RoaringKitty, aka DeepFuckingValue, has posted an update to his GameStop, $GME, position.
He has held all his shares and calls.
He is up 48% today, or $85 million dollars. pic.twitter.com/9ow0Nwtecq
— unusual_whales (@unusual_whales) June 3, 2024
This brings us to the crux of the matter. In yet another Reddit update, Roaring Kitty has revealed that he has registered a 48 percent gain, corresponding to $85 million, just today.
What's more, the OG meme stock veteran has not sold even a single share or call option from his gigantic GameStop stake, which is now equivalent to 17 million shares and qualifies Roaring Kitty for the SEC's Form 13G reporting requirements.
What made Keith Gill aka Kitty interesting initially was his authenticity. He shared a detailed investment thesis and put his money where his mouth was, which combined with a high short interest and a restless country and boom.. investing history. This time it feels different…
— Citron Research (@CitronResearch) June 3, 2024
Shortly after Roaring Kitty provided his profit update for today, Citron Research - a prominent short-seller - entered the proverbial arena, casting doubts on Gill's credentials and asserting that "someone is backing" him in this arduous quest. Specifically, Citron Research has chosen to take umbrage with Roaring Kitty's "large account" and his near-perfect record of unleashing 2,000 percent gains in GameStop since 2021.
Meanwhile, as per the reporting by Wall Street Journal, there is upheaval at Morgan Stanley-backed E*TRADE brokerage platform, where some have been calling for a ban on Roaring Kitty while others fear a retail-led backlash. This upheaval has permeated all the way up to the upper echelons of Morgan Stanley itself.
