GameStations Short Squeeze Event Organizer to Live Stream GME PreMarket Price Surpasses 60

GameStations Short Squeeze Event Organizer to Live Stream GME PreMarket Price Surpasses 60

GameStations Short Squeeze Event Organizer to Live Stream GME PreMarket Price Surpasses 60

The prominent GameStop short squeeze initiator Roaring Kitty (real name Keith Gill) has announced that he will be live streaming on his YouTube channel later (June 8, 0:00 Taiwan time), already attracting over 12,000 viewers waiting online before the deadline.

According to Yahoo Finance data, possibly influenced by this news, GameStop stock (stock code: GME) surged over 33% in pre-market trading on Friday, temporarily trading at around $62 per share before the deadline. In addition, according to CoinGecko data, the related meme coin GME also saw a skyrocketing increase, with a 155% surge in the past 24 hours, trading at around $0.03 per coin before the publication of this article.

According to a previous report by Zombit, after years of silence, Roaring Kitty returned to social media in May of this year. He first posted a picture of a gamer leaning forward in a chair on X platform, followed by many famous movie scenes in the next few days, causing significant fluctuations in GameStop stock prices despite not adding any text of his own. Earlier this week, Roaring Kitty posted on the popular forum Reddit, suggesting that he may hold GameStop stock and options, triggering a second recent surge in GME stock prices and leading to significant losses for traders shorting GameStop.

GME shorts may have lost $2.1 billion
Roaring Kitty posted again on Reddit yesterday (June 6), with the displayed images implying that the value of GME stocks he currently holds has risen to $232 million, while the value of GameStop call options with a strike price of $20 and expiry date of June 21 has increased to $324 million.

Source:
Reddit
Analysis firm “The Kobeissi Letter”
indicated that GME stock price rose to $67.5 per share in after-hours trading on Thursday. If GME opens on Friday at or above this price, the value of Roaring Kitty’s stock holdings will reach approximately $325 million, and the options value will reach approximately $700 million, totaling around $1 billion. This means his total holding value will increase by $850 million.

Furthermore, according to The Kobeissi Letter’s estimate, traders shorting GME have lost $2.1 billion today, including stock price changes during trading hours and over a 30% increase in after-hours trading.