Reddit Up, Michael Jordan Down as GameStop Soars

Social-media trading star Keith Gill, known by his social-media nickname Roaring Kitty posted what is believed to be a screenshot of his trading portfolio to Reddit Wednesday afternoon that may show a massive position in videogame retailer GameStop Inc. made up of almost $19 million in equity and $8.9 million in options.

If Gill’s screenshots can be taken at face value, he has made $25.2 million on his GameStop wagers at a profit of more than 938%.

More here.

While Gill, probably the most famous trader from Reddit’s Wallstreetbets, made huge gains, another big name may have been burned by the stock, albeit indirectly. Michael Jordan, majority owner of the NBA’s Charlotte Hornets, had sold part of the team to hedge funders Gabe Plotkin and David Sundheim. Both lost massive sums in the GameStop short squeeze. As their business partner, this puts Jordan in an awkward position:

2020 was a historically bad year for NBA finances, thanks to the pandemic shutdown, absent ticket revenue, and a hit to the NBA’s China business. If cash is tight, can Jordan still count on Plotkin or Sundheim?

Jordan’s own net worth is down $500 million in the last year. Perhaps he should make a Reddit account?

For more on GameStop, check out these posts:

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Photo: “Michael Jordan” by mccarmona23 is licensed under CC BY 2.0

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