Reddit User Who Helped Inspire GameStop Mania Lost 13M

Keith Gill who goes by DeepF on Reddit says he suffered a loss north of 13 million on Tuesday alone from his GameStop bet, but hes still not selling. Hes the man who helped inspire the epic short squeeze in GameStop last week that sent shockwaves through Wall Street. Through YouTube videos and Reddit posts, Gill attracted an army of day traders who cheered each other on and piled into the brickandmortar video game stock and call options, creating a massive short squeeze as the shares jumped 400 last week alone.

Gill says he has been holding 50,000 shares of GameStop as well as 500 call options in the brickandmortar video game retailer since the start of 2021. At GameStops record high last week, Gills total return in the name ballooned more than 2,000 to as much as 33 million, according to his Reddit posts. However, the short squeeze in GameStop started to fade this week, taking a big bite out of Gills massive gains. The trader apparently lost 13.6 million on his positions in GameStop shares and calls, following a more than 5 million loss on Monday.

The gaming retailer stock dropped 60 on Tuesday and it has lost more than 70 of its value since Friday. Gill started touting GameStop six months ago on YouTube, explaining to his subscribers how the 100plus short interest in the name could work to their advantage. While on Reddits infamous WallStreetBets forum, hes been posting screenshots of his GameStop returns for more than a year, in what he calls his GME YOLO update You…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News