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Did Roaring Kitty manipulate the stock market? Irish weather

Did Roaring Kitty manipulate the stock market?  Irish weather

 


What exactly is considered market manipulation these days? Former Securities and Exchange Commission Chairman Jay Clayton said Keith Roaring Kitty Gills' tweets could constitute market manipulation. That seems high, and not just because we don't know if Gill had a hand in the Gamestop stock surge.

Gill didn't explicitly reference Gamestop, instead tweeting a photo of a man leaning forward in his seat, followed by videos featuring scenes from the movie.

As Bloomberg's Matt Levine joked, Roaring Kitty appears to have added about $3 billion ($2.76 billion) in market capitalization to Gamestop by tweeting a photo of a man.

Nonetheless, Levine notes that former Bed Bath & Beyond investor Ryan Cohen is facing a lawsuit from disgruntled investors. The lawsuit is based in part on the fact that Cohen sold shares shortly after posting a smiling moon emoji, which some said meant he thought the shares were headed to the moon.

It's reminiscent of a February 2021 episode, when Reuters and other respected media outlets questioned whether a tweet featuring a photo of an ice cream and a frog emoji could have caused Gamestop's stock to skyrocket. I don’t know what ice cream means, an analyst said at the time. People look for signals. Indeed. They always are.

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