Can anything dent the faith GameStop investors have in meme stock star Keith Gill? Gill, better known as Roaring Kitty, has been in the news again lately, following social media posts indicating he has bet more than $100 million (€91.85 million) on GameStop.
The stock briefly surged more than 70 per cent – not surprising, given that last month’s cryptic social media posts, which withheld any confirmation of such a holding, were more than enough to drive the stock skyward.
It’s making E*Trade uneasy, according to the Wall Street Journal, which said the online broker is considering telling Gill he can no longer use its platform due to concerns about potential stock manipulation. The Journal report indicated Gill bought a large volume of GameStop options on E*Trade shortly before he sparked a renewed meme stock frenzy in May.
It’s all a bit iffy, says short-selling outfit Citron Research. Gill’s 2021-21 investment in GameStop was characterised by “authenticity”, but this time “feels different”, appearing “more like manipulation without a solid thesis”.
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Citron, which lost money betting against GameStop in 2021 and which shorted the stock again recently, also questions whether someone is backing Gill, saying he doesn’t have the finances to support the trade.
Gill’s online followers seem unbothered, judging by their indignant reaction to Citron’s tweets and to the E*Trade report. Criticism is seen as sour grapes from Wall Street being beaten at its own game. To some, Gill can do no wrong. As Acadian Asset Management’s Dr Owen Lamont recently argued, Roaring Kitty resembles “a charismatic leader of a populist cult.”
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