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Did you wake up on a Monday morning thinking today\u2019s the day you joke about losing over $50 million in a matter of hours? If you\u2019re Roaring Kitty, alias Keith Gill, the answer is yes. <\/p>\n
After GameStop<\/a> shares closed 12% lower for the session, the YOLO king of the WallStreetBets community posted<\/a> a screenshot showing his risky bet on the meme stock suffered another hefty drop in value.<\/p>\n The $17 million he lost on his 5 million shares in the company\u2014according to his Reddit post, where he\u2019s known as DeepFuckingValue\u2014were the least of his concerns. The drop in the underlying asset triggered an even larger swing in the value of his derivatives position, which fell an additional $34.5 million\u00a0\u00a0<\/p>\n There\u2019s a reason why his dated GameStop posts are all titled \u201cYOLO update\u201d, short for You Only Live Once, the credo of meme stock speculators that emphasize a get-rich-or-die-trying mentality.<\/p>\n pic.twitter.com\/wGdvs6xF7w<\/a><\/p>\n \u2014 Roaring Kitty (@TheRoaringKitty) June 10, 2024<\/a><\/p><\/blockquote>\n That\u2019s because Gill already watched on Friday as the grand total of $300 million went up in smoke before him right when he was on the cusp of becoming a billionaire on paper.<\/p>\n His apparent attempt to trigger a massive short squeeze in GameStop and catapult the value of his holdings into the ten digits was foiled after the company launched a surprise stock offer that flooded the market with as many as 75 million newly issued shares<\/a>. The news sent the GameStop price tumbling 40% on Friday, leaving it well below the threshold needed by Gill.\u00a0<\/p>\n Fortunately, he seems to take it all with humor. \u201cYou\u00a0were<\/em>\u00a0a billionaire,\u201d Gill wrote on Monday in a self-deprecating post seen by over 5 million users on X, formerly Twitter<\/a>.<\/p>\n It\u2019s unclear what the next move is for the 38-year-old, whose 2021 battle with GameStop short sellers like hedge fund\u00a0Melvin Capital<\/a>\u00a0was immortalized last year on the silver screen in \u201cDumb Money\u201d.<\/p>\n After a three-year-long absence, Gill burst back onto the scene on May 13th with a series of memes on social media, effectively announcing the fight wasn\u2019t over until he said so. <\/p>\n On June 2nd, he then revealed he had amassed a GameStop position in stock and call options worth over $181 million.\u00a0<\/p>\n<\/div>\n\n
GameStop foils short squeeze with share issue<\/h2>\n
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