Keith Gill says he’s acting alone in insanely huge GameStop position
Keith Gill is still a one-man wrecking crew.
On his Roaring Kitty YouTube livestream, Gill said that the investment positions he has posted to Reddit — which at their peak, had him worth over half a billion dollars on paper — are his alone.
Shares spiked more than 20% after the livestream officially started before reversing all those gains to fall to fresh daily lows, and have been halted for volatility.
He said that he still trusts Ryan Cohen to deliver on the transformation of the company away from its legacy business of selling physical video games, which is in secular decline.
“The absence of evidence is not the evidence of absence,” he said of GameStop under Cohen’s leadership.
Gill has not monetized any of his positions. On the livestream, he showed his E-Trade account in which he continues to have position of 5 million GameStop shares and 120,000 call options, which provide the ability though not the obligation to purchase 12 million shares. Finding the capital to exercise his options positions by June 21 will also be a challenge.
“Those are my only positions,” he said.
His holdings were down more than $235 million on the day as of 1:00pm ET. GameStop posted poor quarterly results this morning and announced plans to sell an additional 75 million shares.
“I reserve the right to change my mind, as you should too,” he said, “But I’m a believer.”
