GameStop’s share rose 13.3 percent on Monday after Keith Gill, the popular online trader behind the fierce rally last month, announced that he had doubled his investment in the struggling trader.
Shares of GameStop opened at $ 46.8 on Monday and even closed at $ 46. GameStop closed at $ 40.68 a share on Friday. Gill announced on Reddit after the market closed on Friday that it had bought another 50,000 shares of the company to bring its total investment to 100,000 shares.
Gill, a financial adviser in Massachusetts, better known on Reddit as ‘deepf — ngvalue’ or YouTube as ‘RoaringKitty’, is widely acknowledged that he planted the seed that became a major rally in GameStop shares. The company’s share price rose about 1,800 percent in January, peaking at $ 483 last month before collapsing.
Gill told a Panel of the House on Thursday that his early Reddit posts making the argument for investing in GameStop were nothing more than an attempt to share a potential opportunity with other amateur traders who got out of control. Critics of the GameStop event say Gill and other prominent Reddit users may be guilty of market manipulation.
The Securities and Exchange Commission (SEC) announced last month that it was investigating possible manipulative practices regarding the GameStop madness, but security lawyers say the public nature of the protest makes it difficult to lead a conspiracy.