Keith Gill Drove the GameStop Reddit Mania. He Talked to the Journal.

Butterfly said:
there is an SEC exception for publishing investment advice, with the right disclosure. If SA didn't put in place those disclosure, they could be sued, and so would the authors.

The case here with the TikTok and Redit traders is that they raiding trading venues with their recommendations, with enough material impact on the market to trigger an investigation by regulators.

Hang them all I say :)

Redit will probably get sued or shutdown over this, because they didn't have the proper disclosure in place. This is the SEC hot buttons.
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Found the GME hedge fund short.
 
Maverick2608 said:
But how is that different from what e.g. Citron Research has done for a couple decades? I think he will be ok. After all he made a detailed investment case more than a year before and made a monthly update tracking his position. That is perfectly fine.

However, others who have argued to buy the stock solely to provoke a short squeeze and who have tried to coordinate collective buying on Reddit may have crossed the line. It will be difficult for the regulator, however, because there are probably a vast number of people who have done that around the globe over the last couple of weeks.
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Well it would be hard to prove "coordinate". Yeah sure people did collective buying but how can you prove it's coordinated? Did WSB personally go to the homes of the people who posted to make sure that they bought? To make sure the profit/loss statements that they provided were real? Did WSB make sure everybody hit "buy" at the same time? You can say all you want on a message board, at the end of the day unless those WSB guys are Professor Xavier who can really control people's thoughts, people still have the free will to do whatever they want no matter what a guy they've never met says on a social media message board that they can log out and close the screen on at any time.
 
coordination means having a chat room and discussing intentions to trade, and doing those trades and reporting back, which is what happened on redit

I bet the Redit thread is going to get shutdown, the SEC lawyers drafting the C&D letter as we speak :p
 
Butterfly said:
coordination means having a chat room and discussing intentions to trade, and doing those trades and reporting back, which is what happened on redit

I bet the Redit thread is going to get shutdown, the SEC lawyers drafting the C&D letter as we speak :p
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How is this any different then let’s say a message board like elitetrader? Who have proffesional ;) traders discussing ideas in journals on entry and exit points. :D.
 
ElCubano said:
How is this any different then let’s say a message board like elitetrader? Who have proffesional ;) traders discussing ideas in journals on entry and exit points. :D.
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if you are a registered professional working for an asset management firm and you are posting on ET, you have to report your "social media" activities to your compliance department if it involves any trading topics that violate certain internal policies in place. If you don't, you could get fired. If compliance didn't supervise you regarding those activities, they will be fined eventually for failing their supervision guidelines. The SEC is taking this shit very seriously, and they are watching. This is not the same SEC before Madoff.
 
Butterfly said:
if you are a registered professional working for an asset management firm and you are posting on ET, you have to report your "social media" activities to your compliance department if it involves any trading topics that violate certain internal policies in place. If you don't, you could get fired. If compliance didn't supervise you regarding those activities, they will be fined eventually for failing their supervision guidelines. The SEC is taking this shit very seriously, and they are watching. This is not the same SEC before Madoff.
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the “professional traders on et” part was a joke.
 
I dont think DeepFuckingValue will be fined or arrested, he seemed to have a very deep value oriented reason to be in the stock. Also, he started lots of videos with a big disclaimer
 
I think the fact that he focused so much on GME wasnt some evil intention to generate a squeeze (even though, the squeeze was a small part of the thesis) but rather, it was because it was already his largest position when it was trading at $4. When it shot up, it really dominated his portfolio and he wanted to focus on that. Is this illegal in the US?
 
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