Jerry Selvers Quoted in Bloomberg, “GameStop Shares Soar as Keith Gill Schedules YouTube Return”
Jerry Selvers, chair of the firm’s Securities Regulatory Enforcement & Litigation Practice, was recently quoted in a Bloomberg article titled, “GameStop Shares Soar as Keith Gill Schedules YouTube Return.” The article discusses the recent rise in the value of GameStop shares, largely attributed to Keith Gill, who posts on YouTube under the moniker ‘Roaring Kitty’. GameStop shares rose 47% to $46.55, triggering multiple volatility halts. The stock shot up 76% in two days and has soared 167% since Gill tweeted a cryptic meme on May 12.
Roaring Kitty’s newer videos come with a fresh disclaimer: “This YouTube channel is not under any obligation to update or correct any information provided in these videos. Statements and opinions are subject to change without notice. No compensation is received by this YouTube channel for the opinions expressed.”
The new disclaimer comes in the wake of a report that online brokerage E*Trade was considering banning Gill from its platform amid concerns over whether his social media actions could amount to market manipulation.
Jerry Selvers said the language was probably because Gill is concerned about such accusations.
“The motivation is likely to try and prevent either the SEC, state regulators or even individuals to come after him,” Selvers, who previously worked at the US Securities and Exchange Commission, said.
To read the full article in Bloomberg, click here.
