Roaring kitten
Former chairman of the Securities and Exchange Commission, Jay Clayton, told CNBC on Friday that the operating activity during the GameStop market frenzy was not a ‘pump-and-dump scheme’ and that the hearing on Thursday provided transparency on social media investors have shown.
Clayton said the SEC is likely to look at coordinated behavior to manipulate GameStop’s share price, which rose 1,022% during its January rally, but that ‘the quick answer’ is that there is no pump-and-dump. scheme was not.
“The overall participation in this was pretty transparent going on here,” Clayton said. ‘I have to admit that I was approached by Mr. Kitty is entertainment. You saw that people were very transparent about what they were doing and why they were doing it, which was pretty interesting. ‘
During Thursday’s hearing, Keith Gill, also known as Roaring Kitty, said his reasoning for buying GameStop shares and sharing his position was based solely on his belief that the company was dramatically undervalued and that he was clearly underestimating his fundamental cause. for purchasing GameStop to its social media fans.
Gill told the House Financial Services Committee he still likes GameStop’s stock and will buy it at the current price of about $ 43.