As a crypto investor with some experience under my belt, I’ve learned that the world of online trading and social media can be both exciting and risky. The recent news about Keith Gill, also known as “Roaring Kitty,” being investigated by E-Trade for potential stock manipulation is a prime example of this.
It’s possible that E-Trade may choose to terminate the account of Keith Gill, also known as “Roaring Kitty,” due to concerns that he could be attempting to manipulate the price of GameStop’s stock (GME) for personal benefit. The online brokerage firm, which is under the ownership of Morgan Stanley, is reportedly taking this action out of caution.
Lately, Gill’s activity on social media platforms such as X and Reddit has led to a notable increase in GameStop share prices, as reported by The Wall Street Journal. Prior to these price hikes, Gill allegedly purchased a substantial number of GME options on E-Trade. A portion of these options expired during the same week, possibly resulting in a sizeable financial gain for him.
Morgan Stanley and E-Trade are currently engaged in discussions over whether Gill’s social media activities may be considered stock manipulation. They are also mindful of the potential repercussions of removing Gill from their platforms, as this action could lead to other users expressing sympathy and departing in protest. At present, no definitive resolution has been reached on this issue.
Gill, who had been inactive on X for three years prior, resurfaced in May 2021 with mysterious messages. These posts ignited a surge in meme stocks and cryptocurrencies. On June 2, he disclosed his significant holding of $181.4 million in GME stock and options, predicting that the price would reach or surpass $20 by June 21.
The content of Gill’s posts significantly influenced GME‘s stock market performance. Following his June 2 update, there was a sudden increase in value during late trading on Sunday, with a gain of 19%. By Monday, June 3, the stock had risen by 21% to close at $28. According to Google Finance data, there was an additional surge of 8.5% in after-hours trading, bringing the price up to $30.36. Since Gill’s reappearance on the scene, GME has experienced a nearly 68% increase in value for the year, representing a 60% growth since his return.
On June 3, I took to Reddit once more to share my recent successes in the crypto market. Specifically, I boasted about the $33.6 million appreciation I’d realized from investing in 5 million shares of GME, and the impressive $51.8 million profit I’d made on my options.
Expert: Gill possesses various securities-market certifications and served as a registered broker in the past. The Massachusetts Securities Division is scrutinizing his actions, with insiders suggesting that the SEC is examining Gamestop options deals linked to Gill’s social media announcements. Although the SEC has pondered if these trades could constitute manipulation, it remains uncertain whether they are exclusively targeting Gill for investigation.
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2024-06-04 09:40