GameStop investor 'Roaring Kitty' reported a $9 million hit to his fortune after the stock crashed 34% on Wednesday
- Keith Gill says he took a $9 million hit when GameStop's stock price crashed on Wednesday.
- His fortune shrunk from $38.5 million to $29.4 million, unverified screenshots show.
- Gill claimed his initial $54,000 bet on GameStop ballooned to $48 million in January.
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Keith Gill, the retail investor who became a millionaire by betting on GameStop, apparently saw $9 million erased from his fortune in a single day this week.
Gill, who goes by u/DeepFuckingValue on Reddit and the name Roaring Kitty on YouTube, posted a screenshot of his portfolio on the Wall Street Bets subreddit after GameStop's stock price tanked 34% on Wednesday.
It showed he held GameStop shares, bullish call options on the stock, and cash worth $29.4 million in total - down from $38.5 million on Tuesday. Insider was unable to verify the screenshots, but The Wall Street Journal viewed Gill's trading account in January and confirmed it held over $30 million in assets at the time.
Gill is now down almost $19 million or 39% from the $48 million fortune he trumpeted on January 27, at the height of the GameStop short squeeze. However, he's still made a huge gain on his initial $50,000 investment in June 2019, and has nearly $12 million of cash in his portfolio.
Some investors would be tempted to cash out entirely after hitting the jackpot, but Gill appears to be bullish on GameStop still. He doubled his stake to 100,000 shares in late February, around the time he testified before Congress on his role in the GameStop saga.
Few day traders would still be holding on at this point, but Gill is a self-professed value investor. He bought GameStop shares for the long term, because his fundamental analysis showed they were heavily undervalued. Of course, they were trading at around $4 each then - a fraction of their current price of over $120.