Keith Jill,’Black Ant’, who led individual investors’ opposition in the’Game Stop’ short selling situation. YouTube capture
The stock price of GameStop, which has garnered global attention due to the’American ant (individual investor) revolt’ plummeted.
On the 4th (local time) in the New York Stock Market, GameStop closed the deal at $53.50 per share, down 42.1% from the battlefield. According to CNBC Broadcasting, GameStop shares have plunged more than 80% this week.
GameStop, which soared more than 400% last week and recorded a monthly increase of more than 1600%, fell by more than 30% a day, except for about three days after this month.
Robin Hood, a free stock app, has not prevented the downtrend, even though it has increased the limit for individual investors’ purchase of GameStop stock to 500 shares. Additional purchases by investors who already hold more than 500 shares are still prohibited.
It is possible that the news that Treasury Secretary Janet Yellen met with the heads of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Reserve System (Fed) this week to discuss the situation. . In response to the short selling of hedge funds, individual investors, who gathered around the online community Reddit’s’Wall Street Betz’ discussion room, raised the gamestop stock price with collective buying and hit the short selling force, attracting global attention.
In the midst of this, the U.S. authorities launched an investigation into the YouTuber who led the GameStop incident. The New York Times (NYT) reported on the day that the Massachusetts government sent an official letter to the Massachusetts Mutual, a former employee of Keith Jill, 34, who engaged in a gamestop purchase campaign through the Internet site Reddit and YouTube channels.
In an official letter in the name of Massachusetts Secretary of State William Galvin, authorities confirmed that Jill, who worked for the company until the end of last month as a financial education officer, opened a YouTube channel with the company’s permission. In response, Massachusetts Mutual reportedly sent a reply saying, “I didn’t give permission, and if I knew I was doing such an activity, I would have been banned or fired.”
Jill, who got a job at Massachusetts Mutual in April 2019, opened a YouTube channel’Roaring Kitty’ last summer and led the ant revolt against the short selling of hedge funds. He was notified of his resignation on the 21st of last month, just before GameStop’s stock price surged, but the actual retirement process was completed on the 28th of last month, when GameStop’s stock price peaked.
Experts pointed out that Jill may have violated internal regulations in the financial industry. The U.S. Financial Industry Regulatory Authority (FINRA) prohibits industry workers from making false or exaggerated claims on the Internet, stipulating that financial institutions should supervise their employees’ activities. Jilldo is also registered with FINRA as a securities brokerage, so the same rules apply. “Financial companies are forbidden to make predictions about stock prices by non-analyst employees,” said Andrew Calamary, former Securities and Exchange Commission (SEC) New York office manager.
Reporter Kim Joon-young [email protected]
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