GameStop stock surged as a Reddit user linked with its biggest booster appeared to reveal a new bold bet on the video game retailer late Sunday.
) stock surged 21% on Monday after user "DeepF***ingValue, an account believed to be tied to individual investor Keith Gill — who ignited the meme stock rally back in 2021 — posted a screenshot on Reddit late Sunday that purported to show they paid nearly $175 million building a position in the video game retailer.
The screenshot showed holdings of 5 million GameStop shares purchased at an average price of $21.274, a position worth $115.7 million as of Friday's closing price of $23.14. GameStop shares traded hands at $38 each in early trading Monday before they were temporarily halted for volatility.The account also appears to own 120,000 options contracts that expire on June 21. These contracts confer the right to buy GameStop shares at $20 each, a position worth $65.
A screenshot that appears to show GameStop holdings by"DeepF***king Value" was posted on Reddit late Sunday, June 2, 2024.
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