Gill says he has been holding 50,000 shares of GameStop as well as 500 call options in the brick-and-mortar video game retailer since the start of 2021. At GameStop’s record high last week, Gill’s total return in the name ballooned more than 2,000% to as much as $33 million, according to his Reddit posts. However, the short squeeze in GameStop started to fade this week, taking a big bite out of Gill’s massive gains. The trader apparently lost $13.6 million on his positions in GameStop shares and calls, following a more than $5 million loss on Monday.
The gaming retailer stock dropped 60% on Tuesday and it has lost more than 70% of its value since Friday. Gill started touting GameStop six months ago on YouTube, explaining to his subscribers how the 100%-plus short interest in the name could work to their advantage. While on Reddit’s infamous WallStreetBets forum, he’s been posting screenshots of his GameStop returns for more than a year, in what he calls his “GME YOLO update (You Only Live Once).”
Source: FXPro