With Roaring Kitty up over $85 million on his recent GameStop stock purchases, Jim Cramer wonders whether Gensler and the SEC are taking note.
The GameStop (GME) stock price shot up +16% on Wednesday, sitting at $31 this Thursday.
(GMEUSD)
The revival of the 2021 GameStop short squeeze continues. Securities and Exchange Commission (SEC) Chairman Gary Gensler has even fielded questions about Keith Gill, also known as Roaring Kitty.
Roaring Kitty Question Deftly Avoided By SEC Chairman Gensler
Keith, who goes by Roaring Kitty or DeepFuckingValue online, is the meme stock influencer who fuelled the short squeeze back in 2021 and has since returned to social media after a 2-year hiatus.
His name was brought up by CNBC’s Mad Money hosts on Wednesday. Before the hosts could finish asking a question about the return of Roaring Kitty, Gensler quickly interrupted to address the show’s audience directly.
He described the SEC as a “cop on the beat” and said that the commission investigates the conduct of financial market participants.
Gensler said that “following the facts and the law,” the agency would only speak publicly about a matter if it was being brought before a court. “Generally speaking, you have to make sure you don’t mislead the public and that you don’t, in any way, do things in the markets that may be manipulative,” he added.
The SEC chairman ultimately declined to say whether the SEC is currently looking into Keith Gill’s trading behavior.
Gary Gensler & Jim Cramer spoke about Roaring Kitty and $GME, GameStop indirectly today.
Jim Cramer implies Roaring Kitty's memes are not proper disclosure, while Gary Gensler implies SEC might be investigating
They also speak about Congressional trading.
Here is the full vid pic.twitter.com/yuptrZdAf8
— unusual_whales (@unusual_whales) June 5, 2024
Gill’s social media posts and recently purchased GameStop (GME) holdings have caught the attention of the SEC. He returned in May with a series of cryptic images and memes posted to his X account. His return coincided with the kickstarted revival of the meme stock.
DISCOVER: Best Meme Coins to Buy in June Amid Roaring Kitty Return
Jim Cramer’s Thoughts On The Return Of Keith Gill
Mad Money host Jim Cramer suggested that Roaring Kitty may have sent his audience a coded message.
Speaking on his first post back, of the man sitting forward in his desk chair, Cramer said, “We know from video game playing, that means: come on, this is the ninth inning, get ready”. He finished by asking, “Is this something, hypothetically, that the SEC should worry about?”
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
While many discuss Gill’s return to X, the meme stock influencer has resurfaced on Reddit. He goes by ‘DeepFuckingValue’ on Reddit and was famous for his “YOLO updates,” where he posted GameStop positions in 2021.
Gill has posted his current holdings on the platform multiple times this week. In his most recent post, a screenshot showed that he owns $289 million in GameStop shares and call options.
The positions are currently up over $85 million since Gill bought them. Now, many market participants are suggesting that this meme stock revival is only now heating up. So, hodl onto your seats; things might only just be getting started.
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