Roaring Kitty
Former Securities and Exchange Commission chairman Jay Clayton told CNBC on Friday that trading activity during GameStop’s market frenzy was not a “bomb and eviction scheme” and that Thursday’s hearing demonstrated transparency of social media investors.
Clayton said the SEC would likely examine whether there was coordinated behavior to manipulate GameStop’s stock price, which shot up 1.022% during its January high, but that “the quick answer is” no bomb and eviction scheme was present.
“The overall participation in that was very transparent what was going on here,” said Clayton. “I must admit that I was entertained by Mr. Kitty. You saw that people were very transparent about what they were doing and why they were doing it, which was quite interesting.”
During Thursday’s hearing, Keith Gill, also known as Roaring Kitty, said that his reasoning to buy GameStop shares and share his position was based purely on his belief that the company was dramatically undervalued and that he was clear in explaining your fundamental case to buy GameStop for your followers on social networks.
Gill told the House’s Financial Services Committee that he still liked GameStop’s stock and would buy it at the current price of around $ 43.