Capital markets partner Craig Marcus spoke to Bloomberg News about GameStop and stock influencer Kevin Gill, known on social media as “Roaring Kitty.”
Gill had been posting images of a massive stake in GameStop and its call options in a portfolio that peaked at more than $550 million on June 6, Bloomberg reported, raising questions about the legality and ethics of profiting from meme stocks.
Market manipulation typically involves pushing a price higher to profit off the stock movement, Craig told Bloomberg. But it’s not obvious that Gill has been manipulating the market by posting images of the stock.
“You can disagree with his thesis about the value of the stock, but if all he’s doing is executing on his thesis and not doing manipulative things to profit,” it’s difficult to prove ill intent, Craig said.
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