Keith Gill, writing on Reddit, posted a screen shot that shows he has a $181.4 million position in the meme favorite.
(Bloomberg) -- GameStop Corp. shares more than doubled after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $116 million position in the game retailer.Most Read from BloombergKey Engines of US Consumer Spending Are Losing Steam All at OnceGameStop Shares Double as Gill Post Shows $116 Million BetHomebuyers Are Starting to Revolt Over Steep Prices Across USMnuchin Chases Wall Street Glory With His War Chest of Foreign MoneyNvidia Unveils Next-Generation Ru
Roughly $390 million worth of GameStop shares had changed hands by 5:53 a.m. ET (0953 GMT), more than the $343 million in Wall Street favourite Nvidia , according to LSEG data. It was the first post in three years from Gill's Reddit account, where screenshots of his bullish GameStop trades had in 2021 triggered a rush of demand for "meme stocks" - often companies with weak fundamentals that gained a cult-like following through social media hype. The screenshot posted on Sunday showed a GameStop holding of 5 million, or 1.8% of its publicly available stock.