Keith Gill — the individual investor who chronicled on Reddit and YouTube how his investments in GameStop Inc. have made him a millionaire — remains a believer in the videogame retailer’s ability to thrive, according to a prepared testimony to be delivered to the House Financial Services Committee Thursday afternoon.
“GameStop’s stock price may have gotten a bit ahead of itself last month, but I’m as bullish as I’ve ever been on a potential turnaround,” the statement reads. “And what’s stunning is that, as far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry.”
The 34-year-old Massachusetts investor remains convinced that the market is underappreciating the cash-flow potential of GameStop’s legacy business of selling video games at retail outlets and the company’s ability to “reinvent itself as the ultimate destination for gamers within the $200 billion gaming industry,” according to the testimony.
Gill plans to tell committee members that he began purchasing GameStop Inc. call options in June of 2019 and continued to add to his long position in the stock through the end of that year and much of 2020, and that his investments made him a millionaire by the time the stock price was trading at $20 per share in December.
He will also push back on the suggestion that his social media posts propelled the stock’s dizzying rally. “The idea that I used social media to promote GameStop stock to unwitting investors is preposterous,” Gill said, noting that by the end of last year, he had only 529 subscribers on YouTube and 550 followers on Reddit.