Gamestop's share price experiences a sudden surge - presumed to be sparked by a familiar figure.

Online resources - Gamestop's share price experiences a sudden surge - presumed to be sparked by a familiar figure.

A young investor who made waves in the financial world by triggering stock surges in video game retailer Gamestop appears to be making moves again. Keith Gill, the trader whose account on the social media platform Reddit shared a screenshot indicating he bought $175 million worth of Gamestop stocks and options.

The stock price shot up by 21% to $28, with an extra 8% increase seen in after-hours trading. At one point, the stock reached a tentative value twice its Friday price.

According to the published screenshot, Gill bought five million Gamestop stocks at around $21 each. This latest rally has significantly boosted his wallet, as the options he purchased allow him to buy Gamestop stocks at $20 until June 21st.

Back in the spotlight, Gill's Reddit account surfaced last night to reassure followers that he hasn't offloaded his shares despite a projected $79 million profit. This tactic is familiar to the Reddit community, as Gill sparked a similar frenzy around three years ago.

Questions abound on the authenticity of the screengrabs

There's lingering uncertainty regarding the legitimacy of the screenshots and who controls the Reddit account and other social media platforms. Gill's X profile reappeared last May, prompting a stir in Gamestop's share prices.

Reports from the Wall Street Journal suggest E-Trade may be considering blocking Gill, and the securities and exchange commission (SEC) is scrutinizing Gamestop options trading from the last few weeks.

Gamestop stock: Reddit hopes for another 2021 boom

Struggling against online competition, Gamestop has been experiencing a downtrend in its share price for some time. Market predictions favored further declines. During the pandemic, the stock was a favorite for short-sellers, who borrow stocks and then sell them before returning them. They hoped to repurchase them at lower prices and sidestep the short-selling liability.

However, in early 2021, massive losses were recorded by short sellers when Gill and other online influencers marketed the stock, making it a hot commodity. There were few stocks available, leading to a further hike in the price.

Read also:

1. The price jump in Gamestop's shares has put the USA's stock exchanges back in the spotlight, with Keith Gill, a prominent influencer, being at the center of attention.
2. New York-based Wall Street is closely monitoring the situation, as short sellers have incurred significant losses due to Gill's influence on Gamestop's share price.
3. During after-hours trading, Gamestop's share price experienced an additional boost, reaching a value twice its Friday price, causing excitement among online traders on platforms like Reddit.
4. Keith Gill, who gained fame for triggering a stock surge in Gamestop three years ago, reassured his followers on Reddit that he has not sold his shares, aiming to benefit from another potential boom in 2021.
5. Despite the concerns and skepticism about the source of the screenshots and the authenticity of Gilbert's Reddit account, Gamestop's stock options trading is under investigation by the Securities and Exchange Commission (SEC).
6. The Wall Street Journal reported that brokerage firm E-Trade is considering blocking Keith Gill's account due to the impact of his trades on the Gamestop share price.
7. As gamers worldwide continue to enjoy video games, the ongoing drama in the financial world has highlighted the power of social media influencers like Gill to potentially change the trajectory of a struggling company's stock price, disrupting traditional market dynamics on stock exchanges.

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