Gamestop surges after Keith Gill's Reddit post shows $116 mln bet

BlackBerry

03/06/2024 10:36

** Gaming retailer Gamestop's shares  GME.N  soar 70.4% to
$39.43 premarket
    ** Surge comes after a Reddit post on June 2 from Keith
Gill, known as "Roaring Kitty", after an interval of three
years, shows a $116 million position in GME
    ** Gill posted a screenshot on his Reddit account that shows
5 mln shares worth $115.7 mln bought at $21.27/shr 
    ** Screenshot also included call options at strike price $20
for GME expiring on June 21, worth $65.7 million 
    ** Reuters could not verify the authenticity of the post
    ** Gill is credited to unleashing retail buying frenzy on
social media by making bullish calls for Gamestop in 2021 that
sparked the "meme stock" rally
    ** Shares of Reddit  RDDT.N  jumped 8% premarket after the
report; retail trading platform Robinhood Markets  HOOD.O  up
1.7% to $21.26 premarket
    ** Other heavily traded meme stocks AMC Entertainment
 AMC.N  up 25.1% to $5.42, Tupperware  TUP.N  up 9.2% to $1.9,
U.S.-listed Blackberry  BB.N  up 7.5% to $3 in premarket
    ** As of last close, GME stock had risen 32% YTD

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))