Redditor who sent GameStop stock to the moon is sued, accused of market manipulation (2024)

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Redditor who sent GameStop stock to the moon is sued, accused of market manipulation? ›

Redditor who sent GameStop stock to the moon is sued, accused of market manipulation. Keith Gill, who made millions off a surprise jump in GameStop stock, is increasingly under the spotlight. He insists he did nothing wrong.

Gill dropped out of public life in 2021 after testifying before Congress about his role in the GameStop stock saga. It's unclear what he is doing today, or if he still owns his GameStop stock. The Enterprise.

Keith Gill Could Have Made $48 Million From GameStop Stocks

However, he did confirm that his all-time high value in GameStop was nearly $48 million. Keith posted screenshots of how much his GameStop investment was worth routinely on the WallStreetBets Reddit page.

The “Reddit traders” joined forces to initiate a “short squeeze”; by collectively purchasing massive amounts of GameStop stock and thus driving up its stock price, the traders reaped significant profits and also inflicted huge losses on the hedge funds that had sold short.

While most assume he does, it is hard to say for sure, as he no longer posts video updates with screenshots of his portfolio holdings. As of 2023, several different sources reported Gill's estimated net worth to be around $30 million.

He did not sell the stock before the Congressional Hearing, as he endured losing $30 million in two days after the price dropped dramatically when Robinhood stopped allowing users to buy more shares. The final scene of Dumb Money shows Keith contemplating selling his stocks after the hearing.

In reality, Kim Campbell is a nurse at the Davis Center of Psychiatric Medicine living in Los Angeles. Kim's investment in GameStop rose to as much as roughly $50,000 whereas Jenny's financial gains in Dumb Money soared to upwards of $500,000.

Some big names lost money on GameStop, but others made a bundle. The same goes for everyday investors — some won, some lost, and plenty were just in it for the casino-like ride. Wall Street is paying more attention to individual investors than it used to, but they're not keeping CEOs up at night, either.

Dumb Money does not entirely shy away from showing those losses; along with Gill, the film follows a handful of fictionalized GameStop investors, including Jennifer, a nurse played by America Ferrara, who becomes obsessed with Gill and GameStop stock, buys in big, and ends up losing money after failing to sell at the ...

The fund made headlines in May, when its stake in video game retailer GameStop exploded from $867,000 to $8.7 million in a matter of months as part of social-media-driven speculation. It also rode Bed, Bath & Beyond and Blackberry for millions in additional gains but later sold all three.

Who owns most of GameStop? ›

According to the latest TipRanks data, approximately 53.76% of GameStop (GME) stock is held by retail investors. Vanguard owns the most shares of GameStop (GME).

While some sources suggest his net worth to be approximately $30 million as of 2023, the lack of recent public appearances from Gill since April 2021 makes it difficult to confirm his current financial status accurately.

Melvin Capital: Experienced a 49% loss in its investments in the early months of 2021 and required a $3 billion bailout. Citron Capital: Suffered 100% losses on its GameStop positions during the stock's bullish rally.

Mobilizing on Reddit and relying on user-friendly trading apps like Robinhood, amateur investors sparked a short squeeze in the market for video game retailer GameStop's GME -2.4% stock.

Although short squeezes may occur naturally in the stock market the U.S. Securities and Exchange Commission (SEC) states that abusing short sale practices is illegal.

At its peak, Reuters valued Gill's GameStop stock at $48 million. Those who have followed the saga are split on whether Gill ever sold any of the stock or if he's still holding onto most of it. Some believe he's lying low after selling some since his large following came from holding onto GameStop.

The normie GameStop investors who recognized the opportunity for a short squeeze were right — the stock was over-shorted, they saw their chance, and they seized it. The episode took out Melvin Capital — even after getting extra money injected, the hedge fund eventually went under.