In the past four days alone, meme stock influencer Keith Gill, better known as Roaring Kitty, has lost more than $350 million on his GameStop (GME) position.
Despite the significant losses, Gill continues to smile. As GME continued to fall in value on Monday, Gill mocked his own financial situation by posting memes on Twitter. During his livestream on Friday, his first in three years, he wore fake bandages and a splint while pretending to be injured.
Huge blows due to gloomy quarterly report
Gill’s losses are no joke, though. As recently as Thursday, he had more than $382 million in profits (on paper), according to screenshots of his ETrade account that he posted on Reddit. However, a dismal quarterly report from GameStop sent the stock into a tailspin.
On Friday, Gill lost more than $235 million on his GME position. The carnage continued on Monday, as GME fell another 12%, after falling 40% just before the weekend.
Big losses, but still positive
GME closed at $24.83 on Monday afternoon. To give an idea of the loss, in after-hours trading Thursday evening, the stock had risen to $61.27. The share has lost almost 60 percent of its value in no time.
The share price plunge has wiped out almost all of Gill’s recent gains. On Monday evening, the influencer reported that he was still up about $31 million, meaning he’s lost about $351 million in profits since last week.
More trouble for Keith Gill?
There may be more problems looming for Keith Gill. Last week, reports emerged that regulators are investigating Gill over concerns about market manipulation over a series of cryptic (and not-so-cryptic) tweets in recent weeks.
Source: https://newsbit.nl/roaring-kitty-heeft-sinds-donderdag-meer-dan-350-miljoen-dollar-verloren-op-gamestop/
