- E*Trade is considering kicking meme-stock leader Keith Gill off its platform due to concerns about potential stock manipulation around his recent purchases of GameStop options.
- Before reigniting the meme-stock craze in May, Gill bought a large volume of GameStop options on E*Trade.
- Gill recently posted a screenshot showing he owns GameStop stock valued at $11.57 million and new options expiring later this month, with total gains of $6.86 million on the position.
E-Trade is considering telling meme-stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop options.
Gill’s Large Options Purchase on E*Trade
Shortly before Gill reignited a meme-stock craze in May, he bought a large volume of GameStop options on ETrade, according to people familiar with the matter. This past weekend, Gill posted a screenshot of an ETrade account showing he owns stock valued at $11.57 million and a new set of options that expire later this month. His total gains on the position were at $6.86 million.
Concerns Over Possible Manipulation
E*Trade has grown concerned about potential stock manipulation around Gill’s purchases of GameStop options. Gill reignited a meme-stock craze in May shortly before buying a large volume of GameStop options on the platform.
Gill’s Influence on Meme Stocks
Gill is considered a leader among meme stock traders. His large purchases and promotions of GameStop have contributed to surges in the company’s stock price.
ETrade is still evaluating the situation and has not made a final decision on any action regarding Gill’s account. However, the trading platform is concerned enough that it is considering telling Gill he can no longer use ETrade.
