GameStop tanks with huge volume in the call options owned by ‘Roaring Kitty’

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A holding page for Keith Gill, a Reddit user credited with inspiring GameStop's rally, before a YouTube livestream arranged on a laptop at the New York Stock Exchange on June 7, 2024. A sell-off in GameStop shares intensified in afternoon trading Wednesday, and that coincided with a spike in trading volume in the call options that meme stock leader "Roaring Kitty" owns. The last time Roaring Kitty, whose legal name is Keith Gill, disclosed his portfolio was Monday night, showing he still owned 120,000 call options contracts with a strike price of $20 and an expiration date of June 21. GameStop calls with the exact strike price and expiration traded a whopping 93,266 contracts Wednesday, more than nine times its 30-day average volume of 10,233 contracts. The price of these contracts dropped more than 40% during the session, while the stock plunged 16.5%. It is unclear if it was indeed Roaring Kitty behind the large volume, but options traders said he could be involved given he is such a large holder of those contracts.