Yahoo Finance Roaring Kitty becomes the 4th largest GameStop shareholder after nearly doubling his position to 9 million shares
Keith Gill appears to have nearly doubled his GameStop position to nine million shares.
Gill previously owned five million shares and exercised call options to acquire more.
Gill stands to gain or lose $90,000 for every penny move in GameStop stock.
Keith Gill, better known as Roaring Kitty on social media, appears to have nearly doubled his position in GameStop stock.
According to a screenshot of his E*Trade portfolio posted to Reddit on Thursday, Gill now owns nine million shares of GameStop.
Gill had previously owned 5 million shares of GameStop and 120,000 call option contracts with a $20 strike price that were set to expire next week.
With Gill's massive options position in the money, he partially sold the options and exercised some to acquire an additional 4 million shares at $20 each.
Gill's portfolio now holds $6.3 million in cash and $262.1 million worth of GameStop stock as of Thursday's close, bringing his total portfolio value to about $268 million.
He was briefly worth nearly $1 billion when GameStop stock soared to more than $60 in after-hours trading last week.
However, a massive 75 million share offering from GameStop and a surprise earnings release that showed a continued decline in its business dented the stock rally considerably.
With Gill owning nine million shares, he stands to earn or lose $90,000 for every penny move in GameStop stock, or $9 million for every dollar move in the stock.
Shares of GameStop jumped about 4% in Friday morning trades to $30.19, gaining $1.07, resulting in a one-day paper gain of $9.6 million.
Gill now appears to be the fourth largest shareholder of GameStop, based on data as of March 31, owning about 3% of the company.
Gill's nine million shares in GameStop are slightly ahead of the 8.3 million shares owned by State Street and behind the more than 20 million shares BlackRock, Vanguard, and GameStop CEO Ryan Cohen each hold.
GameStop has sold 120 million shares over the past month, so Gill's ranking in the company's top shareholders will be better known once second-quarter 13F filings are made with the SEC in mid-August.
Business Insider could not confirm if the screenshot of Gill's brokerage statement posted to Reddit was authentic.
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