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GameStop stock rockets by almost 100% in premarket

GameStop stock rockets by almost 100% in premarket
Jordan Major

GameStop’s (NYSE: GME) stock experienced a dramatic surge of nearly 100% in early morning trading on June 3, 2024, following a significant move by Keith Gill, also known as “Roaring Kitty.” 

Gill, a key figure in the 2021 meme stock phenomenon, broke his three-year silence on Reddit, revealing substantial new investments in GameStop.

GME stock 30-day price chart. Source: Finbold

Gill disclosed that he holds $65 million worth of GameStop call options with a $21 strike price, set to expire in 19 days. Additionally, he has amassed $115 million in GME shares, bringing his total investment close to $200 million​​

This revelation has reignited enthusiasm among retail investors, leading to a massive buying frenzy reminiscent of the 2021 short squeeze.

The surge in GameStop’s stock price not only highlights the ongoing influence of Gill and social media on the market but also underscores the continued volatility associated with meme stocks.

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