The screenshot, which also included 120,000 call options worth US$65.7 million due to expire on June 21, couldn’t be verified. The options would allow him to buy the stock at US$20 a share, but would cost him some US$240 million to exercise. A follow-up post showed his shares are now worth US$140 million and the options carry a US$120 million value.
GameStop Corp. shares surged after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a US$116 million ($156.1 million) position in the video-game retailer on Sunday.
The June 2 screenshot posted by Keith Gill, who goes by a profane handle involving the phrase Deep Value on Reddit, showed a stake of 5 million shares with an average cost basis of US$21.27 apiece. A position that large would make Gill one of the company’s five biggest investors and is more than six times the number of shares his account showed in an April 2021 post, the last time it was active on Reddit, when accounting for a four-for-one stock split.
