GameStop Squeeze Was Helped By 34 Year Old YouTubing CFA Who Turned $50,000 Into $48 Million
A YouTube streamer that helped garner attention to the run up in GameStop shares has turned out to be a 34 year old financial advisor who formerly worked for Mass Mutual.
The “Roaring Kitty” YouTube stream, along with now-Reddit legend “DeepF*ckingValue”, helped bring a “flood” of retail traders into GameStop, Reuters reported on Friday. The “Roaring Kitty” YouTube account belongs to Keith Patrick Gill, the report said.
His channel constantly posted videos, like the one below, making the bull case for owning GameStop leading up to the retailer’s parabolic ascent.
He also shared photos of his portfolio while posting about GameStop on Reddit. In September 2019, a screenshot appeared to show he had $53,000 invested in the company. By this week, his position was worth nearly $48 million, according to his Reddit posts.
“Your steady hand convinced many of us to not only buy, but hold. Your example literally changed the lives of thousands of ordinary normal people,” one Reddit user told him this week.
When reached for comment by Reuters, Gill did not respond and Mass Mutual says he no longer works for the company. Gill has said on his YouTube channel he doesn’t offer financial advice: “I don’t provide personal investment advice or stock recommendations during the stream.”
A securities attorney consulted by Reuters, when asked about whether or not there could be regulatory scrutiny on his actions, said: “Ultimately the issue is going to be whether people were putting out materially false or misleading information for the purpose of inducing others to buy stock.”
Scott Silver of Silver Law Group said: “If he is what he says he is, he’s not breaking the law. There’s absolutely nothing wrong to tell others to buy a stock if it’s honest and in good faith.”
His brother, Kevin Gill, appeared to verify his identity, stating on Thursday: “Um yeah. So my brother is kinda famous now.”
Gill is married and has a CFA. Recently, he had worked on an initiative for Mass Mutual that helped bring financial education to the masses.
Fri, 01/29/2021 – 12:01