Reddit user, the investor behind the GameStop market frenzy says he lost $13 million

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Keith Gill, the 34-year old investor that helped inspire the epic short squeeze in GameStop last week said on Tuesday he lost $13 million, but is still holding on, CNBC reported.

Gill said he has been holding 50,000 shares of GameStop as well as 500 call options since the beginning of January this year.

According to his Reddit posts, Gill’s total return soared to more than $33 million at the time GameStop reached a record high last week before it dropped sharply amid controversies.

His YouTube live stream on January 22 detailing his GameStop trades and gains was viewed more than 650,000 times.

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“Cheers everybody,” Gill said in the video to his more than 300,000 subscribers, holding a champagne class. “A historic day today, no doubt a gigantic day.”

GameStop traded last month at just under $20 before the sudden spike last week, reaching a record $413.98. At the same period last year, it traded at only $4 per share. The stock closed at $325 on Friday, and dropped significantly on Tuesday February 2, closing at $90.

Gill apparently lost $13.6 million in GameStop shares and calls, following a more than $5 million loss on Monday as the gaming retailer stock continue a free fall in what appears to be a speedy journey back to its penny stock status.

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Gill, the former marketer for Massachusetts Mutual Life Insurance, owned 10,000 shares of GameStop at the end of 2020 and increased his holding in the new year, according to CNBC.

In a related development, Robinhood, the controversial Silicon Valley online broker that restricted GameStop trading on its platform last week, raised $2.4B in funding on Monday, barely days after receiving $1 billion from investors.

The funding will reportedly help the company meet the collateral requirements by the clearinghouse following last weeks’ trading frenzy on GameStop and other stocks, to ensure there is enough cash to cover potential losses on the transactions.