The recent GameStop rally has sent the shares of “Roaring Kitty,” the trader behind the 2021 GameStop short squeeze, soaring to an impressive $1 billion valuation. Keith Gill, also known by his online aliases “Roaring Kitty” and “DeepFuckingValue,” has once again captured the market’s attention by revealing a new $180 million position in GameStop shares and call options.
Roaring Kitty’s Meteoric Rise
Gill’s latest move on the GameStop stock has shaken the market, causing a significant uptick in the company’s share price. According to the stock analysts at The Kobeissi Letter, if GameStop opens at its current after-hours price of $67.50, Gill’s position will be worth around $1 billion, effectively making him a billionaire.
The GameStop stock has seen a remarkable 118% gain since Gill shared his position, adding $9.5 billion to the company’s market capitalization in the previous 12 hours. This puts the company at a $20 billion valuation, making it one of the 400-largest public companies in the United States.
Regulatory Scrutiny and Allegations of Market Manipulation
Gill’s trading activities have not gone unnoticed by regulators. On June 3, prominent GameStop short-seller Citron Research accused Gill of manipulating the market, alleging that the trader was working with someone else. The Massachusetts securities regulator has reportedly opened an investigation into Gill’s moves, examining whether he is “moving the market” and potentially engaging in illegal conduct.
“We believe someone is backing Gill — there’s no way he made this size trade alone. His reported finances don’t support this trade. Investors will see through this roaring Icarus.”
The regulators will likely scrutinize Gill’s communications, including his texts, emails, and social media interactions, to determine if he is involved in any illegal market manipulation.
Implications for the Crypto Industry
As a highly knowledgeable individual in the field of cryptocurrencies, Gill’s trading activities and the regulatory scrutiny surrounding them have implications for the broader crypto industry. The investigation into Gill’s actions may provide insights into the intersection of traditional finance, social media, and the potential for market manipulation in both the stock and cryptocurrency markets.
The outcomes of this case may also have far-reaching consequences for the future of retail investing, the regulation of financial markets, and the evolving relationship between online communities and the investment landscape.