From CNBC: 2024-06-02 22:15:32

Meme stock GameStop surges as speculation grows that trader Keith Gill holds a significant stake in the company. With 5 million shares and 120,000 call options, Gill’s potential influence on the stock’s movement is closely watched by investors.

Gill’s mysterious social media posts, including a cryptic Uno card image, are creating buzz among GameStop enthusiasts. His recent return to online platforms has triggered significant rallies in the stock price, with shares more than doubling in May alone.

GameStop raised over $900 million in a recent stock sale, capitalizing on the renewed interest in the company driven by Gill’s social media activity. The stock’s volatile history, including a 2021 short squeeze led by Gill, has attracted attention and scrutiny from investors and regulators alike.

As GameStop works to shift towards online gaming, investors are hopeful that CEO Ryan Cohen can lead a successful transformation of the company. Amid ongoing challenges and dramatic price swings, the stock remains a focal point for retail traders and Wall Street alike.

Read more: GameStop jumps as ‘Roaring Kitty’ trader posts giant $116 million stock position