Keith Gill, known in the social media sphere as ‘Roaring Kitty’ and ‘DeepF—-Value,’ may lose access to his E-Trade account soon, according to a recent report by The Wall Street Journal (WSJ).
E-Trade, owned by Morgan Stanley, is caught between concerns that Gill’s trading activities could be seen as market manipulation and the potential backlash from his loyal followers. Reportedly, E-Trade is worried that banning Gill might spur his millions of followers, often referred to as his ‘meme army,’ to boycott the platform, possibly disrupting its operations. The platform does have the right to restrict or close any account at its discretion but has yet to take that step.
As of late Monday, Gill’s account remains active, boasting significant gains. His GameStop positions were reported to be valued at more than $289 million, per The Wall Street Journal. This activity mirrors his 2021 influence over GameStop’s stock, which soared due to his social media posts encouraging others to invest not on business fundamentals but out of sheer enthusiasm for the company.
The SEC has noted the need for trading limits to prevent fraudulent activities like pump-and-dump schemes, a worry that resurfaces every time Gill makes a notable online appearance. Meanwhile, other platforms like Robinhood, facing similar pressures, have also imposed trading limits administered by third parties such as Blue Ocean ATS.
Keith Gill’s recent resurgence on X (formerly Twitter) and the subsequent spike in GameStop’s stock price by over 60 percent have reignited conversations about his potential impacts on market stability and the legal implications of his activities.