🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

E*Trade possibly ousting GameStop bull 'Roaring Kitty' spurs online backlash

Published 06/04/2024, 05:15 PM
Updated 06/04/2024, 05:56 PM
© Reuters. FILE PHOTO: A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022.  REUTERS/Brendan McDermid/File Photo
MS
-
GME
-
HOOD
-

(Please note language in paragraph 6 that readers may find offensive)

By Suzanne McGee and Saqib Iqbal Ahmed

(Reuters) - A report on Monday that online broker E*Trade may consider banning Keith Gill, the meme-stock influencer who ignited frenzied trading in shares of GameStop (NYSE:GME) in 2021, has triggered a backlash on social media sites.

The Wall Street Journal on Monday reported that E*Trade is considering banning Gill, who resumed posting online after a three-year hiatus in recent weeks.

E*Trade-parent Morgan Stanley, declined to comment on the report and the messages on social media calling for a boycott of the brokerage platform.

Brokerages have invited the ire of retail customers in the past, most notably in 2021 when Robinhood (NASDAQ:HOOD) came under fire after it restricted purchases of certain heavily traded stocks, including GameStop, because of volatility.

"@etrade singled out their own customer @TheRoaringKitty taking marching orders from some smoke-filled back room somewhere and tried to say "nope, you don't get to be rich, you don't get to join the elites," X user @welp007 posted on Monday evening.

Many of those commenting on the latest twist in the Roaring Kitty/Gamestop saga referred to their perception that the Roaring Kitty episode serves as an example of the way in which big Wall Street players, from hedge funds to trading firms, take advantage of small retail investors.

Several posters on both X, where Gill uses the moniker RoaringKitty, and on Reddit, where he posts under the username DeepFuckingValue, posted screenshots of their requests to close their E*Trade accounts. Reuters was unable to independently verify the authenticity of the screenshots and the posters did not respond to requests for comment.

© Reuters. FILE PHOTO: A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022.  REUTERS/Brendan McDermid/File Photo

"If they're gonna ban the kitty, all of retail should leave their platform," proclaimed Reddit user FalseDifficulty2340.

Posters also suggested the firm's rivals likely would welcome Gill as a client if E*Trade removed Gill from its platform.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.