Keith Gill — a Reddit user and YouTuber who goes by the name “Roaring Kitty” drove the GameStop (NASDAQ: GME) to its highest level in January. The Reddit trader led the Wall Street Bets Reddit group to bring the GameStop stock to $486 per share. However, the GME rally was disrupted by a severe correction that caused heavy losses to traders involved in the GameStop frenzy.
Keith Gill caused a polemic in Wall Street
In 2019, Gill or Roaring Kitty invested $53,000 in the video-game retailer GameStop. At that time, the GameStop stock was trading at $4. However, Gill found one of the smartest ways to turn his $53,000 investment to a thrilling $48 million in 2 years.
The 34-years old trader was a financial educator for an insurance firm in Massachusetts. But after Gill quit his 9-5 job, he turned to the Reddit group WallStreetBets and started giving financial advice through his YouTube channel. He quickly amassed a large following that would later allow him to craft one of the weirdest Wall Street stories.
WallStreetBets against Wall Street hedge funds
Reddit group WallStreetBets started a battle between short-sellers (hedge funds) and bulls (amateur Reddit traders). The Reddit traders heavily invested in the GameStop stock, counter-attacking hedge funds that made a bet against and resulting in heavy losses to popular hedge funds such as Mudrick Capital Management that had been shorting GameStop.
