GameStop Keeps Soaring, Chamath Palihapitiya Bets the Stock Will Go Higher

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GameStop
GameStop

The stock price of GameStop Corporation (NYSE: GME) is skyrocketing again as the battle between Reddit-charged day traders and short-sellers continues.

However, on Tuesday, GameStop’s parabolic rise was driven by Chamath Palihapitiya, the CEO of Social Capital. The billionaire venture capitalist joined the speculative trading frenzy and betted that GME shares will trade higher.

In a tweet, Palihapitiya disclosed that he made call options that would allow him to purchase GameStop shares at $115 each in February.

The stock price of GameStop soared more than 45% to $112.03 per share at the time of this writing around 1:55 p.m. in New York. In fact, the stock reached as much as 124.50 per share today. Yesterday, GME shares rose as high as $159.18 each as Reddit charged day traders pile up on the stock, squeezing short-sellers.