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GameStop Poised to Pounce as Keith Gill Post Shows $116 Million Bet

GameStop Poised to Pounce as Keith Gill Post Shows 6 Million Bet

(Bloomberg) – GameStop Corp. shares are expected to experience a wild ride into Monday’s open after the Reddit account that fueled 2021’s meme stock mania posted what appeared to be a $116 million position in the stock.

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The June 2 screenshot from Keith Gill, who goes by DeepF—Value on Reddit, shows five million shares purchased at $21.27 per share. It was the account’s first post in three years. The screenshot, which included the positioning of the options, could not be verified.

Shares of the gaming retailer soared more than 19% to $27.58 in Sunday trading on Robinhood, which allows 24-hour trading for some stocks. The price was at the high end allowed by Robinhood.

On Twitter, Gill, using her Roaring Kitty account, also posted an image of a UNO Reverse card, which is used by players of the game to change the direction of card collection. The post had attracted more than 3.2 million views in less than three hours since it was posted around 8 p.m. Sunday New York time.

Gill has remained largely silent on social media since rallying day traders on Reddit in 2021 to buy the stock to fend off short sellers.

In mid-May, he returned to Twitter with an image of a video gamer leaning toward him, fueling anticipation of an active return to the market.

GameStop shares have fallen more than 50% since its release in mid-May. The stock soared more than 2,000% in early 2021, bringing the meme stock frenzy into the mainstream consciousness.

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