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Roaring Kitty Is Playing With Fire
Influencer Keith Gill, known online as Roaring Kitty, became a Pied Piper for amateur stock traders after sparking a historic GameStop short squeeze. But his next move could land him in big trouble.
Nor was it when the stock plunged today, following lackluster earnings reported by GameStop and a rambling YouTube livestream in which Gill declared his continued faith in the company. Having made his position public, says Bragança, Gill is required under a little-understood facet of securities law to provide his audience with advance warning of any sales, even if doing so would jeopardize profits. The SEC has not made public its thinking, but former chair Clayton, in the interview with CNBC, implied the agency will be eager to prevent further volatility in the price of GameStop, which risks imposing large scale losses on investors.
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