Roaring Kitty Sparks Conspiracy Theory With 4M More GME Stock
Keith Gill, aka Roaring Kitty, has sparked a conspiracy theory as he increases his GameStop (GME) holdings to over 9M with 4M more shares.
On June 13th Gill, known online as “Roaring Kitty” and “DeepFu**ingValue,” announced that he bought another 4 million shares of GME worth $262 million.
This brings the trader’s total shares to over 9 million, worth about $262 million when GME closed that day. In addition, the trader also closed his GME call options set to expire next week.
Community Thinks Roaring Kitty Might Join the GME Board
As Gill’s shares breached the 9 million mark, community members started to speculate that the stock trader may be preparing to join the gaming company as a member of its board of directors.
Citing a GameStop filing, a stock trader believes that Gill’s newly accumulated shares make him the fourth-largest shareholder of GME. The trader thinks the stock’s momentum could drive GME’s price to $200.
Backing the theory, Jacob Slade, the founder of Mt. Zion Market Ventures, noted that Gill currently holds the same number of shares that GameStop CEO Ryan Cohen disclosed when he joined the company.
Building on the technical credibility of the conspiracy, Slade highlighted hints from both sides pointing to it being true.
Most notably, a post on Gill’s official Twitter account of a meme from the sitcom The Office further fueled the conspiracy.
Slade also claims that GameStop added an Easter egg to its website, referencing Roaring Kitty.
Additionally, GameStop’s annual meeting was moved to June 17, conveniently lining up with National Take Your Cat to Work Day. Slade believes that this may be a reference to GameStop onboarding Gill.
Roaring Kitty Stirs the Market
Through his investments, Gill has proven to be a wavemaker within the stock market and cryptocurrency space.
On June 2, GME prices rallied as Gill revealed a $180 million position in the stock . On Reddit, he unveiled a $115.7 million position in GME shares and $65.7 million in call options.
This revelation shook the market, causing an upward tick in the stock’s price. GME jumped 19% just 20 minutes after Gill posted the update.
As prices rallied, community members speculated that Gill’s shares might eventually be worth $1 billion if the prices opened at their after-hours trading rate of $67.50 on June 7. However, the prices did not reach that point. Currently, GME sits at $30 a share.
This impact also bleeds into the cryptocurrency space. Most notably, upon his return memecoins saw substantial growth . Such as GME, which saw gains well over 100% in coincidence moves by Roaring Kitty, along with various other prominent memecoins within the space .
However, this recent news has yet to make nearly as much impact, likely credited to Roaring Kitty’s live stream which saw lackluster results .
GameStop shares surged nearly 50% after Gill announced the livestream. However, shares dropped nearly 40% following the announcement of a $3 billion share sale during the stream, closing at $28.22 after volatile trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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