Keith Gill aka Roaring Kitty on track to become a billionaire amid GameStop stock surge
Keith Gill, also known as Roaring Kitty, is gearing up to host his first livestream in more than three years. The well-known meme stock trader has brought together a large group of retail traders to take on billionaire fund managers. Legal experts in the financial field suggest that Gill is exploiting a loophole in the regulations, making it difficult for the US Securities and Exchange Commission to charge him with fraud or market manipulation.
GameStop Stock on Track for Record Highs
Gill, famous for his significant position in GameStop Corp. Cl A (NYSE: GME), is on the path to reaching billionaire status through strategic trading. Recent data from the stock market shows that GME shares closed trading on Thursday at approximately $46.55, marking a 47.45 percent increase from the opening price of the day.
The positive momentum for GME continued into the after-hours trading session, with the meme stock surging by 31.62 percent to trade around $61.27, with a trading volume of about $30 million.
Roaring Kitty Nearing Billionaire Status
Roaring Kitty, also known as DeepFuckingValue, has shared an update on his GameStop position. His holdings in $GME now amount to over $586 million, with an impressive gain of 219% so far.
In a post on Thursday on his Reddit account, Gill disclosed the details of his GME holdings. By the end of the day, his GME portfolio had gained over $250 million, bringing the total worth of his holdings to over $586 million.
With the ongoing surge in GME, Gill is poised to achieve billionaire status in unrealized profits. His shares are estimated to be worth around $325 million, with his GME call options valued at over $699 million.
To safeguard his wealth, Gill has started adding comprehensive disclaimers to his YouTube content. It may only be a matter of time before a group of investors files a lawsuit against Gill for market manipulation, similar to past cases involving Elon Musk and Dogecoin.
Crypto Market Reacts
In the wake of the GameStop stock rally, GME meme coins on various blockchain networks have seen significant gains in the past 24 hours. For example, the GME meme coin on the Solana chain surged by over 100 percent in the last day, trading at around $0.025 during the early Asian session on Friday. Similarly, GME meme coins on Ethereum and Binance Smart Chain also experienced over 100 percent growth in the same period.
Tags: Altcoins