Reddit user who helped inspire GameStop mania says he lost $13 million on Tuesday, but is still holding on
Keith Gill, who offers DeepF —— Value on Reddit and Roaring Kitty on YouTube, says he suffered a loss north of $ 13 million from his GameStop bet on Tuesday alone, but he’s still not selling .
He’s the man who helped inspire the epic Short Squeeze in GameStop that sent shockwaves through Wall Street last week. Through YouTube videos and Reddit posts, Gill attracted an army of day traders who cheered each other on and piled into the stationary video game and call options, resulting in a massive short squeeze when stocks hit 400 last week alone % increased.
Gill says he’s held 50,000 GameStop shares as well as 500 call options in the brick and mortar video game retailer since early 2021. At GameStop’s record high last week, Gill’s total return on behalf rose more than 2,000%, up to $ 33 million, according to his Reddit posts.
However, the brief pressure in GameStop eased this week, taking Gill a big bite out of the massive profits. The trader apparently lost $ 13.6 million on its positions in GameStop stocks and calls after losing more than $ 5 million on Monday.
The game retailer’s stock fell 60% on Tuesday and has lost more than 70% of its value since Friday.
Gill began promoting GameStop on YouTube six months ago, explaining to subscribers how having 100% plus brief interest in the name could work to their benefit. While on Reddit’s infamous WallStreetBets forum, he’s been posting screenshots of his GameStop returns, which he calls the “GME YOLO (You Only Live Once) update,” for more than a year.
The investor owned 10,000 shares of GameStop at the end of 2020 and increased his stake in the new year according to his posts on Reddit.
Gill’s last seven-hour YouTube live stream on Jan. 22, detailing his GameStop trades, received more than 650,000 views.
“Cheers everyone,” Gill said in the video to his more than 300,000 subscribers who were holding a champagne class. “A historic day today, undoubtedly a gigantic day.”
The Wall Street Journal interviewed the 34-year-old investor last week in a profile that revealed his background as a college track star as well as a former marketer for Massachusetts Mutual Life Insurance.
Gill didn’t respond to CNBC’s request for comments on Twitter and Reddit.
– CNBC’s Jared Young contributed to the coverage.
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