Reddit trader behind GameStop rally says he lost $13M in one day By Noah Manskar February 3, 2021 | 8:21am | Updated Explaining the GameStop gamble 0:24 / 3:27 More On: gamestop Rep. Waters wants Redditor behind GameStop frenzy to testify at hearing Watch Robinhood’s awkward Super Bowl 2021 ad amid stocks backlash Woman named Hedges-Stocks had wild ride on social media amid GameStop frenzy How one man turned his stimulus check into $36,000 thanks to GameStop “DeepF—ingValue” went deep in the red. The Reddit user who helped spark the explosive rally in GameStop’s stock price said he lost more than $13 million in a single day as the shares crashed. Keith Gill — the Massachusetts man better known as DeepF—ing Value on Reddit and “Roaring Kitty” on YouTube — revealed the loss on Reddit’s WallStreetBets forum, where he’s been sharing regular updates on his GameStop investment. Gill has 50,000 shares in the video-game retailer along with 500 call options. The value of his stake dropped by $13.6 million on Tuesday as GameStop’s share price tumbled 60 percent, adding to a roughly $5.2 million loss on Monday, according to screenshots of his brokerage account that he posted on Reddit. Even with those losses, Gill says he’s racked up a $7.6 million gain on his GameStop bet, which reportedly started with a $53,000 investment in June 2019. He doesn’t appear to have sold any shares or options since the stock sank this week. Enlarge Image Some investors got off the GameStop roller-coaster after taking big losses this week, prompting early booster Kevin Gill, who goes by “Roaring Kitty” on YouTube, to say Wednesday he’s going to keep a lower profile on Reddit.Alamy and Splash News; NY Post photo composite Gill has become an internet celebrity since his fellow WallStreetBets users carried out one of the biggest short squeezes ever, driving GameStop’s share price as high as $483 last week. see also Meet the Redditor who made millions off GameStop and started a market frenzy He outlined how heavily Wall Street investors had bet against GameStop in a video last year on YouTube, where he has 334,000 subscribers, according to CNBC. The thesis helped spark an online revolution that’s upended financial markets and caught the attention of regulators. “I didn’t expect this,” Gill, 34, told the Wall Street Journal in an interview published last week. “This story is so much bigger than me.” Gill did not immediately respond to a message sent to his Reddit account Wednesday morning. https://nypost.com/2021/02/03/redditor-behind-gamestop-rally-says-he-lost-13m-in-one-day/
He didn't want to sell @ $480, but he's holding @ $80?. Does he expect another squeeze attempt... to, like you know, $1,000? Last summer the investment community was thinking GME wasn't worth squadouche... and was headed the way of "Blockbuster redux".
No, he didn't. He already cashed out 13 MM so after taxes, he is sitting pretty on 9 MM or so CASH. The rest of his position fluctuates daily and his UNREALIZED gains shrank by 13 MM. (the 2 numbers are accidentally the same) He is still up like 10 MM on the position IIRC. His position topped out at 47MM unrealized, and we will see how much he is going to be able to book eventually, but again, he is playing with casino money at this point.
trend analysis could be very confusing. But for this case, the trend was rather straight forward. uptrend - press BUY button first. Then have a hard stop in place. downtrend - press SELL button first. Then have a hard stop in place. You press the sequence wrongly then that will be hell.
EXACTLY !!! Trading doesn't need complex Curvilinear equation or Euler formula or Navier Stokes Equation or .... We Just need to know + and - GME chart is soo straightforward yet people can't analyze it correctly. Why did people fail to analyze it correctly? It is mainly because of Extreme emotions. When you have extreme emotions, you are going to make unwise decision. When your intention is to slaughter the hedge fund managers, you are already having terrible negative emotions. Trading is about SIMPLICITY, not COMPLEXITY. I am sure someone will say : Simply buy low sell high. Simply sell high buy low. Of course, we have to work extremely hard, & sweat blood in order to know how to trade. In summary, those GME investors / traders should be earning tons of money, not losing tons of money.
In the meantime, the big bad hedge funds got most of the billions in dollars in profits. Funny how these extreme liberal Reddit idiots demonize hedge funds while, giving Nancy Pelosi and those in Congress a pass on their insider trading schemes? Nancy bought $500,000-$1,000,000 worth of call options on TSLA. Of course, they had bills benefiting TSLA. The clown show continues.
Sadly what Nancy did is legal for her and the rest of congress, because they wrote the rules. If we did it we would be charged with insider trading. Members of Congress should not be allowed to own individual stocks.