Boston, Massachusetts: Keith Gill, also known as “Roaring Kitty” or “DeepFuckingValue” on social media, may face a potential ban from E*Trade after posting a screenshot that appeared to show a $116 million stake in GameStop, causing the stock to surge.
According to sources familiar with the situation at E*Trade, owned by Morgan Stanley, there are concerns about potential stock manipulation following Gill’s significant GameStop investments and recent social media activity.
Gill’s actions, including purchasing GameStop options before breaking his social media silence, have sparked worries among regulators and investors. The Massachusetts securities division is reportedly investigating Gill’s activities, with no decision yet on whether he will be barred from trading on the platform.
While E*Trade deliberates on the next steps, internal discussions are focused on the potential impact of Gill’s trading behavior on the platform’s customers and the reaction from his supporters if he is banned. Morgan Stanley declined to comment on the matter, and Gill has not responded to requests for comment.
Despite the scrutiny, Gill shared another screenshot showing he maintained his GameStop position, with the value of his stake rising to $140 million. This move further intensified the ongoing frenzy surrounding meme stocks and Gill’s trading activities, raising more questions about market manipulation and regulatory oversight.
With ongoing developments and regulators closely monitoring the situation, the future of Gill’s trading on E*Trade remains uncertain, leaving both investors and industry experts eager to see how this high-profile case unfolds.