By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The clock is ticking for Keith Gill, the stock influencer known on YouTube as "Roaring Kitty," to lock in gains on his options position in GameStop as the company’s share price wobbles and the expiration date for the contracts draws closer.
Shares of GameStop tumbled 12% on Monday to $24.83. It was the second straight session of losses for the video game retailer, whose shares fell 40% on Friday after Gill’s first livestream in three years failed to boost their price following the announcement of a more than $3 billion stock offering.
The recent declines have cut in to the profitability of a large options position that Gill, who helped launch the meme stock phenomenon in 2021, disclosed earlier this month.
On June 2, Gill posted a screenshot showing a position of 120,000 GameStop June 21 call options at a strike price of $20, bought at $5.6754 per contract, or $68.1 million. The screenshot also showed he owned 5 million GameStop shares worth $115.7 million on June 2.