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GameStop stock influencer Roaring Kitty may lose access to E-Trade, report says
E-Trade fears restricting influencer's trading may trigger boycott, sources say.
E-Trade is apparently struggling to balance the risks and rewards of allowing Keith Gill to continue trading volatile meme stocks on its platform, The Wall Street Journal reported. The craze that he helped spark rapidly triggered temporary restrictions on GameStop trading, as well as a congressional hearing, but ultimately there were few consequences for Gill, who disappeared after making at least $30 million, the WSJ reported. These limits are set, the Securities and Exchange Commission (SEC) noted in 2021, partly to prevent fraudsters from spreading misleading tips online and profiting at the expense of investors from illegal price manipulation.
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