The surge in GameStop's stock during Monday's premarket session, triggered by "Roaring Kitty," the name behind the company's "meme stock" saga, has already caused short sellers to suffer losses amounting to $1 billion, Ortex showed. On Sunday, the investor shared a screenshot revealing holdings of approximately $115.7 million in GameStop shares and $65.7 million in call options set to expire on June 21.
"As @TheRoaringKitty reveals he has 5 million shares of GameStop, the second largest individual holder after Ryan Cohen, and the 5th largest holder overall, the stock goes up 70%. This has generated losses for Short Sellers of $1 billion so far, today," the financial analytics platform pointed out.
GameStop previously rallied as much as 120% as Keith Gill, the trader known as "Roaring Kitty," hinted at his return to active trading. GameStop surged 85.57% to $42.94 per share at 7:12 am ET.
