Highlights
Keith Gill, aka Roaring Kitty, the popular figure behind creating the GameStop frenzy, has reportedly seen $350 million in profits wiped out as the GME stock price cracks 50% in the last two days.
After a massive frenzy earlier last week, the GameStop price has entered a steep correction in the last two trading sessions slipping by more than 50% from the Thursday levels and falling under $25.
In the past four days, Keith Gill, also known as The Roaring Kitty, has seen his GameStop (GME) position plummet by over $350 million. Just last Thursday, Gill was enjoying a $382 million profit from his GME options.
However, by Friday, his position had taken a significant hit, losing over $235 million. The decline continued on Monday, with GME slipping another 12% after dropping 40% just before the weekend. This price movement has wiped out nearly all of Gill’s recent gains, resulting in a loss of approximately $351 million in profit over the past week.
Michael Pachter, a GameStop analyst at Wedbush, expressed skepticism regarding the company’s potential for a meaningful turnaround following multiple failed strategies. Pachter also suggested that any boost GameStop received from Keith Gill’s involvement could be short-lived.
“We suspect that [Friday’s] live stream from influencer Keith Gill (Roaring Kitty) will keep shares elevated long enough to the company to complete its [at-the-market share offering], but with no clear strategy, we suspect the share price will once again begin to descend and approach our new price target,” Pachter said.
Amid the GameStop frenzy in the market, meme coin GameStop ($GME), which has no direct resemblance to the GameStop firm, has rallied by nearly 5000% since the beginning of June.
However, as the excitement around GameStop fizzles out, the $GME meme coin has also dropped by 25% in the last 24 hours and is currently trading at $0.01596 with a market cap of $109 million. Besides, the daily trading volume has also dropped by 47% to $116 million.
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