GameStop (GME) shares jumped 21% 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 video game retailer. The stock was set to add $4.6 billion to its market value after surging as much as 75% earlier in the session. Roughly $2.7 billion worth of shares changed hands by 10:12 a.m. ET, compared with $2.3 billion in Apple (AAPL), according to LSEG data. It was Gill'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 cult-like following through social media hype among retail traders. The screenshot posted on Sunday showed a GameStop holding of 5 million shares, or 1.8% of its publicly available stock. Gill's last post from April 2021, titled "final update," showed a holding of 200,000 shares worth $30.9 million. Sunday's post also revealed $65.7 million worth of call options expiring on June 21 at a strike price of $20. Market Overview:
- GameStop shares jumped 21% after Keith Gill's $116 million bet.
- The stock surged as much as 75% earlier in the session.
- GameStop was the second-most traded stock on retail brokerage Fidelity.
- Keith Gill's Reddit post showed a GameStop holding of 5 million shares.
- Gill's post revealed $65.7 million worth of call options expiring on June 21.
- Fellow meme stock AMC (AMC) jumped 20%.
- GameStop is expected to post first-quarter results on June 11.
- The company warned that first-quarter net sales would drop.
- The $7 billion company grapples with slowing sales due to digital game downloads.