Keith Gill, the Wilmington man whose big bet on GameStop stock made him the face of a stunning market rally, told a congressional committee Thursday that he was simply an investor who believed in the retailer’s business and that he was not involved in any coordinated effort to manipulate the stock price
Gill, known as “Roaring Kitty” on his YouTube channel and “Deep [Expletive] Value” on Reddit? Witnessed the wild rise in GameStop shares in January before the US House Committee on Financial Services along with other key players. Other witnesses included top executives at a hedge fund that reportedly suffered heavy losses on a bet against GameStop, as well as executives from the Online trading app Robinhood and the social media platform Reddit
The committee is addressing issues raised by the extreme trading of GameStop, which is popular with online investors, particularly the Reddit community known as Wallstreetbets. At one point, Robinhood blocked users from taking new positions in GameStop and a handful of other stocks to open, citing the financial burden of regulatory obligations associated with the rapid surge in transactions
Gill characterized himself as a normal person who made a risky investment in GameStop after doing extensive research on the company, but he denied that he played a significant role in the company’s market rise
â ???? The idea that I used social media to promote GameStop stock to ignorant investors and influence the market is absurd.My posts didn’t result in billions of dollars being moved into GameStop stock Gill said
He said on Reddit that an initial investment of about 53Gill’s latest Reddit post on February 3 revealed that he had nearly $ 14 million in cash and was still 50000 GameStop shares owned, with options for more
Gill appeared on the conference call wearing a suit and tie that were much more formal than his usual attire in online videos, which can include printed t-shirts and back ball caps, but featured a cheesy workplace poster of a kitten in the background the heading “Stay tuned ???? A red headband also hung behind him, which he often wore in online presentations
In a written testimony submitted prior to the hearing, Gill stated that he had shared his analysis of the company in the spirit of a productive public discussion
“My investment skills had reached a level where I felt that public sharing could help others,” Gill wrote. I also thought that by sharing my own ideas and accepting criticism, I would identify holes in my analysis couldâ ????
The Congressional hearing comes as Gill faces an investigation by the Massachusetts Secretary of State William Galvin’s office into whether Gill’s social media activities are in compliance with state regulations
Gill, who worked for the financial services company MassMutual until last month, is licensed to sell most types of assets and offers financial advice. A key question for regulators is whether Gill’s online posts were a personal hobby or a professional endeavor that should have been communicated to his employer
On Tuesday, Gill and his former employer were named as defendants in a proposed class action lawsuit alleging that he had individual investors killed during their Jan.700 percent of GameStop’s shares had been bought, misled, to suffer losses when the stock quickly returned the majority of those gains
Gill told the committee that he had not sold any stock while working at the company producing content for a financial wellness education program
GameStop, which has been trading in the $ 4 to 5 range for most of last year, hit $ 483 per share for a brief period late last month, up just under $ 45 early Thursday afternoon
â ???? I want to make it clear what I am not I am not a hedge fund I have no clients and I do not offer personalized investment advice for fees or commissions I am an individual investor he wrote My Investment in GameStop and my social media posts were all my ownâ ????
He also noted that his online activities prior to the GameStop rally received little attention even from other users. He described his audience as “tiny” late last year â ????
“The reality was, people didn’t really care about boring, repetitive analysis of GameStop and other stocks, and that was fine”Said Gill. For those of us who took care of it, the stream provided a way to refine our fundamentals-based thesis that we could analyze events in real time and keep each other honest”
The testimony also includes some personal details about Gill, a married father of one who grew up in Brockton and was a star runner at Stonehill College, despite his joking online posts, he has said relatively little about his life
Gill said investment success was a ray of hope in a difficult 2020, in which his sister Sara passed away unexpectedly. He also said it was a break from a long period of professional uncertainty when he took the job at MassMutual in Got in 2019 when he switched between jobs in the financial industry
The increase in his inventory during the vacation gave him and his family something to be excited about, said Gill
“I have had great pleasure sharing good news with my family for a change,” he said. I am grateful that I can give back to my community and support my family, especially my wife Caroline, who is helping me through very difficult times Accompanied timesâ ????
World News – USA – Trade show investor known as “Roaring Kitty” informs Congress that he has not coordinated GameStop stock – The Boston Globe