GameStop Shares Surge as Gill’s Reddit Return Shows Huge Bet
- Stock rises 21% in volatile day as 164 million shares traded
- Reddit account update shows $140 million position in stock
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GameStop Corp. shares surged after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $116 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 $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.