23 upvotes, 1 direct replies (showing 1)
View submission: Keith Gill (u/DeepFuckingValue) and The Gamestop Saga
Can someone explain to me what exactly the "final update" message tells? That he had 31 million in those shares and decided to buy 3.5 million worth of shares more?
Comment by Shiggymana at 02/04/2023 at 16:34 UTC
34 upvotes, 1 direct replies
Others who experienced it first hand may be able to explain better than I, but the significance was that he sold the last of his call options at a $12 strike price, worth nearly $9 million on April 1st, and instead of cashing out, he doubled his 100,000 share position to an even 200,000. This essentially was a neat and tidy knot on one of the highest gains of any "yolo" investment reported on the sub, and a significant historical event in the terms of Reddit and the stock market; yet he chose not to cash out, and left with what could be interpreted as a final show of support for the company, and that he still believed in what he was saying when the share price was a mere $4. Considering this was precluded by sudden fame that came with a lot of unwanted attention, it was met with sadness and understanding that it would be wise for him to leave the public spotlight, which includes ceasing his involvement in the sub. His penultimate update was already the most awarded post on the site, but some use the final update as a sort of altar to give their free awards to memorialize the squeeze and the events around it, or simply to pay respects to him and his risky, but fruitful financial gain. That is my perspective on it, anyway.