Keith Gill, an American investor known for his big investment in GameStop, returned to social media recently tweeting out cryptic memes and revealing the size of his GameStop position. Due to Gill’s major influence, this brought speculation about whether he is single handedly moving the stock price higher. Lawyers believe it is unlikely that the SEC will bring a suit against Gill because there is nothing clearly deceptive about Gill’s tweeting memes and the size of his positions. According to Daniel Hawke, former head of the SEC’s market-abuse unit, “He is using his celebrity and influence to draw people to buy the stock. The rules that exist do not permit the SEC to prosecute that conduct unless there is an element of deception.” On the other hand, Matt Stoller, director of research at the American Economic Liberties Project says, “This is obviously market manipulation. I can’t believe we’re even having this conversation.” https://www.wsj.com/finance/regulation/keith-gills-gamestop-trades-pose-conundrum-for-market-cops-70cc5301
Keith Gill’s GameStop Trades
