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Reddit Inc (NYSE:RDDT) shares are trading higher Monday after an account associated with GameStop Corp (NYSE:GME) trader Keith Gill posted on the platform for the first time in three years.
What Happened: Gill, best known as "Roaring Kitty" on YouTube and X or "DeepF***ingValue" on Reddit, posted a screenshot to Reddit suggesting he currently has a $116 million bet on GameStop. Although the post is unconfirmed, the image appeared to show that the trader is holding 5 million shares of the video game retailer and 120,000 call options expiring later this month.
Gill posted a series of videos on YouTube leading up to the historic GameStop short squeeze in 2021. When the stock began squeezing, the trader began posting updates of his positions on Reddit's r/WallStreetBets. Gill is often credited with sparking the meme stock madness of 2021.
Roaring Kitty first broke his silence on X a couple of weeks ago when he posted a meme of a person leaning forward in a chair. The meme created a short-lived buying frenzy in meme stocks, but most of the names involved pulled back as Gill went silent again. Sunday’s post is his first across social platforms since he posted a clip from the film “E.T.” on May 17.
Reddit made its long-awaited public debut on the New York Stock Exchange in March, opening for trading at $47 per share after setting an IPO price of $34 per share. Reddit said in its S-1 filing that "meme stock" schemes on r/WallStreetBets could pose a risk to investors. The stock is up approximately 16% over the last month.
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RDDT Price Action: Reddit shares were up 3.54% at $56.27 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
