On Sunday, Keith Gill, also known online as Roaring Kitty, disclosed a $116 million (£90.8 million) investment in GameStop.
His first visit to Reddit in three years last month was attributed to a resurgence of interest in GameStop and other out-of-favor stocks.
In just three weeks, GameStop’s own market value doubled.
In a follow-up stock offering, the retailer’s board profited from the rekindled enthusiasm by generating over $900 million.
GameStop’s market value increased by $4.6 billion after rising by up to 75% in early Monday trading.
Later, they settled at a 30% higher level.
Within the first forty-two minutes of official trading, GameStop shares had changed hands more often than Apple shares, according to LSEG data.
They were trading at £30 a share after closing at $23 on Friday.
In 2021, Gill’s trading on GameStop sparked a surge in demand for meme stocks.
Hedge fund holdings witnessed significant losses when investors purchased businesses with questionable fundamentals, including GameStop and movie theater operator AMC.
They developed a cult-like fan base thanks to their Reddit and other accounts.
However, the protests ended when lawmakers and authorities denounced the actions and the businesses’ results fell short of the high valuations.
