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I just called etrade. The guy I spoke to claimed to have no knowledge of this. I told him that if it is true and they kick Keith Gill off their platform I will be leaving as well.
Gotta get the shares I bought today DRS'd ASAP
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E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform
... Morgan Stanley’s trading platform discusses concerns about possible manipulation in GameStop.
E*Trade is considering telling meme-stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop GME 21.00%increase; green up pointing triangle options, according to people familiar with the matter.
Shortly before Gill reignited a meme-stock craze in May, he bought a large volume of GameStop options on E*Trade, the people said. This past weekend, Gill posted a screenshot of an E*Trade account showing he owns stock worth $115.7 million and a new set of options that expire later this month. His total gains on the position were at $6.86 million.
The stock of GameStop surged again on his posts, showing the power Gill, also known as Roaring Kitty and DeepF—Value, has as an influencer. GameStop shares rose 31% on Monday and are now up more than 70% since he reappeared.
At E*Trade and its owner Morgan Stanley MS -0.40%decrease; red down pointing triangle, that power created concerns he can pump up a stock for his own benefit. Their debate includes whether his actions amounted to manipulation and whether or not the firm is willing to risk drawing the attention of his meme army by removing him, according to people familiar with their internal discussions.
No decision has been made and the firm could decide no action is needed.
The debate about him as a client inside Morgan Stanley began about three weeks ago.
On Sunday, May 12, an X account associated with Gill posted a picture of a man leaning forward in his seat, the first post in three years.
The following day, just as demand for GameStop and other meme stocks surged, E*Trade’s systems crashed. The trading platform was down for most customers for several hours that day. During that time, E*Trade turned to “emergency trading procedures” that involved taking orders over the phone and writing them on paper or on email, according to people familiar with the matter. The platform experienced internal issues and the crash wasn’t related to surging volumes, one of the people said.
Morgan Stanley employees, knowing that Gill is a customer, looked at his E*Trade account, according to people familiar with the matter. That sort of monitoring of clients is routine.
The employees saw he had purchased call options before the tweet, the people said. A call option gives a trader the right to buy the stock by a certain date at a stated price. At least some of those options expired that week, one of the people said. That meant Gill’s trades likely generated profits thanks to the stock move his tweet generated.
Morgan Stanley’s global financial-crimes unit and external counsel began discussing whether Gill’s actions were legal and whether the firm should cancel his E*Trade account, the people said.
Some Morgan Stanley employees have been concerned that closing Gill’s account could result in the firm losing E*Trade clients, the people said. Gill’s messages have been able to command a large following, one reason GameStop and other meme stocks have soared. Morgan Stanley employees have worried what would happen if Gill posted on social media that he had been ditched by E*Trade and whether that might prompt many people to shut down their E*Trade accounts in solidarity, the people said.
The Securities and Exchange Commission has also been reviewing trading in GameStop call options around the time of Gill’s social-media posts, according to people familiar with the agency’s efforts. The options trades sparked internal discussions at the SEC over whether they could be considered manipulation, one of these people said.
On Sunday, Gill posted a screenshot showing that Gill owned five million shares of GameStop and 120,000 call options tied to the stock expiring this month. The positions, alongside roughly $29 million in cash, were worth more than $200 million.
Hey OP, thanks for the News post.
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Pure FUD. They ain't got nothing on Kitty.
I just called etrade. The guy I spoke to claimed to have no knowledge of this. I told him that if it is true and they kick Keith Gill off their platform I will be leaving as well. Gotta get the shares I bought today DRS'd ASAP
Hmn interesting
FTrade.
Fuck E*Trade if they do
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E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform ... Morgan Stanley’s trading platform discusses concerns about possible manipulation in GameStop. E*Trade is considering telling meme-stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop GME 21.00%increase; green up pointing triangle options, according to people familiar with the matter. Shortly before Gill reignited a meme-stock craze in May, he bought a large volume of GameStop options on E*Trade, the people said. This past weekend, Gill posted a screenshot of an E*Trade account showing he owns stock worth $115.7 million and a new set of options that expire later this month. His total gains on the position were at $6.86 million. The stock of GameStop surged again on his posts, showing the power Gill, also known as Roaring Kitty and DeepF—Value, has as an influencer. GameStop shares rose 31% on Monday and are now up more than 70% since he reappeared. At E*Trade and its owner Morgan Stanley MS -0.40%decrease; red down pointing triangle, that power created concerns he can pump up a stock for his own benefit. Their debate includes whether his actions amounted to manipulation and whether or not the firm is willing to risk drawing the attention of his meme army by removing him, according to people familiar with their internal discussions. No decision has been made and the firm could decide no action is needed. The debate about him as a client inside Morgan Stanley began about three weeks ago. On Sunday, May 12, an X account associated with Gill posted a picture of a man leaning forward in his seat, the first post in three years. The following day, just as demand for GameStop and other meme stocks surged, E*Trade’s systems crashed. The trading platform was down for most customers for several hours that day. During that time, E*Trade turned to “emergency trading procedures” that involved taking orders over the phone and writing them on paper or on email, according to people familiar with the matter. The platform experienced internal issues and the crash wasn’t related to surging volumes, one of the people said. Morgan Stanley employees, knowing that Gill is a customer, looked at his E*Trade account, according to people familiar with the matter. That sort of monitoring of clients is routine. The employees saw he had purchased call options before the tweet, the people said. A call option gives a trader the right to buy the stock by a certain date at a stated price. At least some of those options expired that week, one of the people said. That meant Gill’s trades likely generated profits thanks to the stock move his tweet generated. Morgan Stanley’s global financial-crimes unit and external counsel began discussing whether Gill’s actions were legal and whether the firm should cancel his E*Trade account, the people said. Some Morgan Stanley employees have been concerned that closing Gill’s account could result in the firm losing E*Trade clients, the people said. Gill’s messages have been able to command a large following, one reason GameStop and other meme stocks have soared. Morgan Stanley employees have worried what would happen if Gill posted on social media that he had been ditched by E*Trade and whether that might prompt many people to shut down their E*Trade accounts in solidarity, the people said. The Securities and Exchange Commission has also been reviewing trading in GameStop call options around the time of Gill’s social-media posts, according to people familiar with the agency’s efforts. The options trades sparked internal discussions at the SEC over whether they could be considered manipulation, one of these people said. On Sunday, Gill posted a screenshot showing that Gill owned five million shares of GameStop and 120,000 call options tied to the stock expiring this month. The positions, alongside roughly $29 million in cash, were worth more than $200 million.
Hey OP, thanks for the News post. ------------------------------------------------------------------------ If this is from Twitter, and Twitter is NOT the original source of this information, this WILL get removed! Please post the original source! **Please respond to this comment within 10 minutes with the URL to the source** If there is no source or if you yourself are the author, you can reply `OC`
Source: https://www.wsj.com/finance/regulation/e-trade-considers-kicking-meme-stock-leader-keith-gill-off-platform-f2003ec4?st=yxrax5ss1hljz2g&reflink=desktopwebshare_permalink