Who is Keith Gill? And Why Does Morgan Stanley’s E*Trade Want to Ban Roaring Kitty?
Roaring Kitty was a key contributor to the 2021 GameStop short squeeze. Photo by Artur Widak/NurPhoto via Getty Images
Key Takeaways
- Roaring Kitty, aka Keith Gill, helped orchestrate the 2021 GameStop short squeeze.
- Now, Gill is back to his old antics.
- However, Morgan Stanley’s E*Trade is reportedly considering booting him off the platform.
After a three-year hiatus, Roaring Kitty, aka Keith Gill, has been busy since he returned to the limelight last month.
With nothing more than a few GIFs posted to X, the man who is widely credited with initiating the 2021 GameStop short squeeze triggered an overnight rally for the stock last month. But now, Morgan Stanley wants to boot the meme stock champion from its trading platform over concerns his behavior may amount to market manipulation.
Keith Gill the Meme Market Guru
Known on YouTube and X as Roaring Kitty, Gill’s real claim to fame stems from Reddit, where he uses the handle DeepFuckingValue.
Gill’s analyses posted to the r/wallstreetbets subreddit helped inspire the community to act in tandem against the interests of hedge funds that were shorting GameStop.
What followed catapulted the Subreddit to international fame and kickstarted a significant rally in meme investments.
Propelled by a 1000% increase in GameStop stock, other Roaring Kitty tip-offs and a host of memecoins enjoyed a significant bull run that peaked in the Summer of 2021.
Following intense scrutiny of his role in the events, Gill went dark just as that year’s investment frenzy reached its apex. He maintained a low profile right up until his sudden return last month. But since returning to public view in May, Roaring Kitty has been back to his old tricks.
Roaring Kitty Trolls Wall Street (Again)
In an image posted to Reddit , Gill revealed that he holds a total of 5 million shares in GameStop currently worth more than $130 million. The screenshot also shows that just before publicizing his comeback he bought an additional 120,000 call options with a strike price of $20 on E*Trade, the stock brokerage platform operated by Morgan Stanley.
His brazen approach to trading and love of meme stocks has ruffled a few feathers in the traditional trading spaces. Even in his first foray into GameStop, an others, saw much criticism leveled at him from Wall Street types, with many labeling his moves as akin to insider trading.
More Insider Trading Accusations?
According to the Wall Street Journal, E*Trade is now considering booting Gill off the platform over concerns about potential stock manipulation.
On Reddit, Roaring Kitty’s fans jumped to his defense, arguing that E*Trade only wants to suspend him because it will lose a lot of money if the trade goes through (GME is currently trading at around $26).
Once again, Gill finds himself in the middle of a brewing storm that pits retail investors against Wall Street giants.
After all, Morgan Stanley doesn’t currently own the shares, so it is obliged to sell Gill for $20 a piece. But unless something dramatic happens between now and June 20, it will have to find them one way or another, even if it incurs a loss. And with an army of meme stock traders ready to pump GME even higher, that loss could be significant.
GameStop Memecoin up 250% Today – Roaring Kitty’s Return Could be The Catalyst
