Yes, many people made significant money from GameStop ( πΊ π πΈ πΊ π πΈ ) during the 2021 short squeeze, with some early investors and retail traders on platforms like Reddit's r/wallstreetbets turning thousands into millions. Major winners included investor Ryan Cohen, who saw his stake grow into billions, and Keith Gill (Roaring Kitty), whose investment grew to over $ 48 $ 4 8 million.
The rising stock value allowed Gill to turn an initial US$53,000 investment into $50 million by January 2021. Between 2021β2024, Gill kept a low profile but continued to increase his GameStop ownership. As of June 2024, Gill also owned 9 million Class A shares of Chewy, Inc.
GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29.
Even the stories of some of the traders Dumb Money was based on, and who I talked to for this story, are far from cut and dried. Some big names lost money on GameStop, but others made a bundle. The same goes for everyday investors β some won, some lost, and plenty were just in it for the casino-like ride.
Gill's belief in GameStop didn't just make him famousβit made him incredibly wealthy. After exercising his call options, Gill still holds 9,001,000 shares of GameStop. At today's price of $29.70 per share, those shares are worth about $267 million.
Campbell only sold five of those shares, making more from that sale than she spent on the investment of the 100. She still holds the remaining shares.
Keith Gill, known online as "Roaring Kitty," is credited with triggering the GameStop stock rally in 2020, when he posted online that he believed the shares were undervalued. As of June 13, 2024, Gill's net worth includes more than 9 million GameStop shares valued at $262 million, and about $6.3 million in cash.
The plaintiffs claimed they had lost money when Robinhood stopped investors from buying GameStop, AMC Entertainment and several other stocks. A federal judge dismissed the lawsuit. The plaintiffs appealed the order.
Chewy has lost one of its most high-profile feline customers. Keith Gill, better known as the meme-stock messiah Roaring Kitty, has sold off his stake in the online pet retailer, divesting 9 million shares of the company.
Citron Research founder Andrew Left, whose fund took a 100% loss on a GameStop short during the squeeze in 2021, has said he has started shorting the meme-stock again.
Yes, Daymond John is still very rich, with an estimated net worth of around $350 million, built from his iconic FUBU brand, his role on Shark Tank, and various other ventures like The Shark Group, speaking, and authoring. He's considered a centi-millionaire and continues to be an active investor and entrepreneur.
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Monday's trading action in GameStop minted Gill a $33.6 million one-day profit on his stock position, and a $54.3 million gain on his call option stake, bringing his one-day gain to a whopping $79 million. Gill's GameStop call options expire on June 21.
During the height of the squeeze, Melvin was reportedly losing more than a billion dollars a day. The short position adopted by Melvin Capital and others resulted in more than 139% of existing shares of GME being shorted, making GameStop stock the most shorted equity in the world.
While it is impossible to predict markets accurately, the conditions for another GME short squeeze are theoretically present. High short interest, retail investor enthusiasm, market volatility, and positive news could combine to create another situation reminiscent of the early 2021 squeeze.
In the sequel Wall Street: Money Never Sleeps, it's revealed that Gordon Gekko served an almost eight-year prison sentence for insider trading and securities fraud from the first film, being released in 2001. While the original film (1987) didn't specify his time, the follow-up clarifies he was incarcerated for a substantial period, highlighting the consequences of his "greed is good" philosophy.
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While Mary Pickford was the first to sign a million-dollar contract (around 1916), Marlon Brando is credited as the first actor paid $1 million for a single movie role in Mutiny on the Bounty (1962), though Elizabeth Taylor also earned a million for Cleopatra (1963) and more with profit shares, setting the trend for massive star salaries.
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