Influencer Roaring Kitty awaits sentencing on July 15 for potential GameStop stock manipulation.
Roaring Kitty caused a price rally of GameStop stocks in May 2024.
Morgan Stanley-owned trading platform ETrade is speculating on prominent youtube/finance influencer Roaring Kitty’s actions in the market according to Wall Street Journal reports. The financial services company has closely watched the influencer’s ETrade account. It is considering removing him from the platform suspecting GameStop’s ‘stock manipulation.’
Notably, ETrade has reported that Roaring Kitty had invested approximately $200 million in GameStop shares (GME) and call options before becoming active on his social media. This announcement occurred after a screenshot of the investment was shared on Reddit.
Roaring Kitty aka Keith Gill showed activity in his X account on May 13 2024, after a dormancy since 2021. This caused GameStop Stocks to skyrocket in price for the second time.
ETrade Considers Roaring Kitty’s Account Closure
Keith Gill is also known as Roaring Kitty and DeepFuckingValue on his X and Reddit social accounts respectively. The finance and social media influencer is a prominent figure of the 2021 meme-stock price rally. He set off the price rally for GameStop stocks in 2021 as well, which led to an inflow of huge volumes of meme coins into the market.
However, Roaring Kitty showed prolonged inaction on his social media shortly afterwards. Relatively, his reappearance in May 2024 fueled GameStop’s stock price rally by 118% as of May 14. The event became an example of individuals’ influence on the stock market.
On the other hand, the recent report of potential stock manipulation has caused concerns among the officials of ETrade. According to sources, Morgan Stanley is contemplating asking the influencer to stop trading on the ETrade platform. On June 2, Keith Gill shared a screenshot on Reddit showing the valuation of his current GME holdings as $181.4 million. This has led to current speculations on Roaring Kitty’s movements.
Presently, ETrade officials are under counsel on deciding further actions. Gill awaits sentencing on July 15, 2024. Finally, GameStop stocks have shown a 125.44% increase in the past month and have increased by 21% in the last 24 hours according to TradingView data.
Highlighted Crypto News Today:
Is PEPE’s Volatility a Prelude to New Highs or Further Declines?