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Reddit trader behind GameStop rally says he lost $13M in one day after stock tumbles 60%

Saucycarpdog

Saucycarpdog

Member
Oct 25, 2017
16,298
nypost.com

Reddit trader behind GameStop rally says he lost $13M in one day

“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 t…
nypost.com nypost.com
"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.
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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.

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.
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I wonder which actor will have the honor of playing DeepFuckingValue in the Netflix adaption.
 
Wrexis

Wrexis

Member
Nov 4, 2017
21,229
He has checked out some of the money right? He's not a total idiot?

EDIT: I missed it. imtheidiotnow.jpg
 
Dodongo

Dodongo

Member
Oct 25, 2017
7,462
Dude should have taken his gains last week.

The whole sub has roped him into going down with the ship, but I think they should just let him take his winnings.
 
Bentendo24

Bentendo24

Member
Feb 20, 2020
5,343
Is it possible he could get into any legal trouble? My brother in law is convinced that the government will go after the people that started this
 
TheMadTitan

TheMadTitan

Member
Oct 27, 2017
27,198
As long as he gets out breaking even on the $53k, he shouldn't cry, and I doubt he is. He's still nearly $8 million ahead, so he could dump his stuff now and be good.
 
Version 3.0

Version 3.0

Member
Oct 27, 2017
11,154
Not making money when you have the chance to do so is not the same thing as losing money.

The world would be a better place if the economic world would learn this simple truth.
 

Skyscourge

One Winged Slayer
Member
Nov 7, 2020
1,854
Lol thats quite the misread of the situation. His initial investment was "only" 50k. He's still a millionaire after this.
 
julian

julian

Member
Oct 27, 2017
16,747
You never win or lose until you sell your shares....not that it's gonna climb that high again. Lol. Good for him though.
 
Ra

Ra

Rap Genius
Moderator
Oct 27, 2017
12,200
Dark Space
I just feel bad for the young people holding because they feel like they are a part of something, while they lose their shirts.

Saw the Washington Post article about the kid who put in $8000 in savings from his parents and student loans, leaving $36 in his bank account, and he's pretty much tanked it.
 
Joseph Joestar

Joseph Joestar

Member
Jun 19, 2020
1,133
When a stock goes from $4 to 400 you sell when you see it starts going down. How greedy can you be? Not the guy that started it but all the guys that followed him.
 
Shadybiz

Shadybiz

Member
Oct 27, 2017
10,105
Bentendo24 said:
No clue really. Stock market manipulation? Trying to inflate the worth of gamestop? I don't really understand stocks so I just kinda sat the conversation out and listened. Admittedly I think my BiL is full of shit. He thinks what Cramer is doing on csnbc is illegal too

I was just curious if anyone agreed with him
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Nothing wrong with hyping up a stock; Barron's and The Wall Street Journal do it all the time. This guy used public information to come to his conclusions, and told people about his conclusions, which is not illegal. Your brother in law is jealous.
 
Heliex

Heliex

Member
Nov 2, 2017
3,103
I was diamond hands until I wasnt, still walked away set for a year lol. Still I dont think I will ever reinvest in stocks again, this was my golden egg and im walking away with it .
 
IIFloodyII

IIFloodyII

Member
Oct 26, 2017
23,952
I do wonder how many will sink with the ship for the memes, losing everything. He made his millions, so he's fine.
 
Bob Beat

Bob Beat

Member
Oct 25, 2017
3,916
Still, that 18 million, tho. At 2% interest per year on a conservative investment plan?
 
Dodongo

Dodongo

Member
Oct 25, 2017
7,462
molnizzle said:
He had already sold $13 million worth before this week.

He did fine.
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I know he set some aside, but he has passed up millions in unrealized gains just to stay on brand.

It's admirable, but really I wouldn't have held it against him if he sold more shares last week. Too many people are putting him in a situation where he's supposed to pass up millions of dollars just to keep the memes going.

I know most of the hype men telling him to hold would have sold theirs already if they were in his shoes. He's gonna come out very well regardless, but the pressure everyone is putting on him doesn't seem cool.
 
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