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GameStop rises premarket as Gill appears to hold on to stake after Monday rally

Investing.com -- Shares in GameStop (NYSE:GME) rose by more than 3% in premarket trading on Tuesday, as stock influencer Keith Gill appeared to hold on to gains in his stake in the videogame retailer after a sharp rally in the prior session.

GameStop, which was the focal point of a rally in so-called "meme stocks" in 2021, advanced by 21% on Monday. The jump came after Gill, who is known online as "DeepF-------Value" and "Roaring Kitty", posted a screenshot on social media site Reddit which showed he had made a $116 million bet on the company.

After the closing bell on Monday, Gill posted another screenshot indicating that he held on to his stake of 5 million GameStop shares, or roughly 1.8% of its publicly available stock, and 120,000 call options.

Several media sources have said they have been unable to independently verify the validity of the screenshots. Meanwhile, E-Trade, the investment platform Gill uses, is holding internal talks over whether to ban him from the service due to concerns over market manipulation, the Wall Street Journal reported.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.