The ongoing tug of war between retail investors and hedge funds over GameStop stock has seen many highs and lows, with the latter resulting in a massive loss for one of the early investors in the short-sold market.
Keith Gill, better known as DFV on Reddit, has lost $13 million after GameStop’s stock plummeted throughout the week, settling in at just $100 per share at the time of writing. Gill, who is widely credited with noticing the massive short sells on GameStop stock and instigating the short squeeze that took place this month, hasn’t sold any of his shares and is still holding for more profits in the future.
Gill reportedly owns 50,000 shares in GameStop, with over 500 open call positions in the company. This had led to a valuation of over $33 million earlier in January, according to multiple posts on Reddit. This was at the current height of the squeeze, where GameStop stock soared past $400 before coming down in the days and weeks after.
Since his positions aren’t closed, Gill hasn’t made or lost any money yet, and his insistence to hold onto the shares and not take profits at such a high price might speak to his confidence for it to soar once again. But this week has been tough on GameStop investors, with the share price dropping over 70%.
The Wall Street Journal profiled Gill last week an in extensive look at the lead up to this massive shake up on Wall Street, which has its roots in investments dating back to 2019. Multiple adaptations of the events of the short squeeze are being planned, with James Bond studio MGM picking up rights for a film.