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Roaring kitty
Former Securities and Exchange Commission Chairman Jay Clayton told CNBC on Friday that trading activity during the GameStop market frenzy was not a “pump-and-dump system” and that hearing from Thursday demonstrated investor transparency in social media.
Clayton said the SEC would likely consider whether there was coordinated behavior to manipulate GameStop’s stock price, which climbed 1,022% in its January rally, but that “the quick answer is” none. pumping and emptying system was not present.
“The overall involvement in that was pretty transparent what was going on here,” Clayton said. “I have to admit I amused Mr. Kitty. You saw people were very transparent about what they were doing and why they were doing it, which was quite interesting.”
At Thursday’s hearing, Keith Gill, also known as Roaring Kitty, said his reasoning for buying GameStop shares and sharing his stance was based solely on his belief that the company was significantly undervalued and that he had clearly explained his basic argument for buying GameStop to his social media followers.
Gill told the House Financial Services Committee that he still loves the GameStop stock and would buy it at its current price of around $ 43.
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