E*Trade possibly ousting GameStop bull 'Roaring Kitty' spurs online backlash
What specific actions is E*Trade reportedly considering against Keith Gill, also known as Roaring Kitty?
E*Trade is reportedly considering banning Keith Gill, also known as Roaring Kitty, from its platform due to concerns over potential stock manipulation. Gill is a meme-stock influencer who ignited frenzied trading in shares of GameStop in 2021.
What reasons might E*Trade have for potentially banning Keith Gill from their platform?
ETrade is considering banning Keith Gill, a meme-stock influencer, from its platform due to concerns about potential stock manipulation. This concern arises from Gill's recent purchases of GameStop, which have caused a surge in the company's stock. ETrade, owned by Morgan Stanley, is assessing whether Gill's actions could be considered market manipulation and whether they want to risk the backlash from his followers, some of whom are fellow GameStop investors, by removing him from the trading platform.
What impact could the potential banning of Keith Gill have on E*Trade's customer base, according to social media reactions?
The potential banning of Keith Gill, also known as the "Roaring Kitty," from ETrade's platform has sparked a backlash on social media, with users threatening to boycott the brokerage platform. Many of these users have posted screenshots of their requests to close their ETrade accounts, suggesting that the banning of Gill could lead to a loss of a significant portion of ETrade's customer base3. Furthermore, some users have pointed out that rival firms would likely welcome Gill as a client if ETrade were to remove him from their platform. This situation highlights the challenges brokerages face in balancing regulatory concerns with customer sentiment, particularly in the age of social media-driven investment trends.