YouTube streamer Keith Patrick Gill made a bullish case for GameStop Corp. (NYSE: GME) on his channel titled “Roaring Kitty.”
He made a thesis that the brick-and-mortar retailer could reinvigorate itself as a gaming experience center. His case was well thought out and documented. He believed in the retailer.
So in June of 2019, he started buying shares of GME for about $5 per share. As his position grew so did his profits.
He would share updates on Reddit’s r/WallStreetBets under the legend “DeepF***ingValue.” He called the posts his “GME YOLO.”
YOLO stands for “you only live once” and is used to encourage users to take massive bets in the stock market and go for broke. Many users hit it big but just as many lose it all.
One of his posts in 2019 showed a gain of $53,000 on GME.
Gill was a fairly typical middle-class guy. He’s 34-years-old, lives near Boston, and worked in marketing at a life insurance company.
He put his thoughts out for all to see in on his YouTube channel. His stream wasn’t loaded with excitement — his videos were fairly boring and lasted for hours.
But people were attracted to his profits and began to buy GME stock based on his research.
When the stock finally broke out in 2021, short sellers thought it would crash back down to earth quickly. But the buying didn’t stop and short sellers got squeezed hard.
The volatility in GME and other stocks being driven by WallStreetBets has drawn the eyes of regulators and even Congress.
According to reporting in the Wall Street Journal, Gill’s account was over $33 million on Thursday afternoon.
And while Gill has amassed a personal fortune, short-sellers have lost nearly $20 billion in the ordeal according to Friday afternoon reports.
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