Citadel and Robinhood’s representatives told the committee they comply with all regulations and trading obligations, and that is what led Robinhood to put a stop to GameStop buying. The stock price of the struggling videogame retailer, which were trading around $44 leading up the hearing at noon, rose above $48 following his opening remarks. Keith Gill, 34, lives outside Boston and acquired big positions in GameStop stock and options. Keith Gill; The virtual hearing will be held on February 18 at 12:00 PM ET. Keith Patrick Gill is an American financial analyst and investor known for his posts on the subreddit r/wallstreetbets. The day’s testimony (still ongoing as of publication time) is very technical and verbose, mainly with Democratic committee members hitting Robinhood CEO Tenev, or Citadel hedge fund boss Keith Griffin with questions about their businesses’ relationships, and Republicans giving them a longer rope to explain what happened. A proposed class-action lawsuit was brought against Gill on Wednesday, filed in federal court in Massachusetts, alleging that he pretended to be a novice trader despite being a licensed professional.» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassicTurn to CNBC TV for the latest stock market news and analysis. BIANCA FACCHINEI: Keith Gill is the Reddit user who inspired a flock of investors to pour money into GameStop and other shorted stocks, sending them to record highs before prices crashed. Keith Gill, known on Reddit as “Roaring Kitty,” snuck a joke into his opening testimony, telling the committee “I’m not a cat.” (Here is Gill’s testimony. Copy link. Democrats largely viewed that as rigging the complex American investment system against little-guy investors. Keith Gill delivers his testimony at GameStop hearing: 'I like the stock' - YouTube. Naturally, something other than Gill, Robinhood chief executive Vladimir Tenev, or the 53 members of the committee, became the star of the hearing. Share. From market futures to live price updates CNBC is the leader in business news worldwide.The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. Keith Gill, also known as Roaring Kitty, to testify alongside hedge fund boss who lost billions . Gill, 34, is alleged to have made millions as GameStop’s share price went up almost 1,600% thanks to a “short squeeze” phenomenon that pummeled corporate investors betting against the games retailer. Asked by Rep. Bill Huizenga if he would still buy GameStop today at its share price (around $40), Gill said he would. “I believed – and I continue to believe – that GameStop has the potential to reinvent itself as the ultimate destination for gamers within the thriving $200 billion gaming industry.”Through YouTube videos and Reddit posts, Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — attracted an army of day traders who cheered each other on and piled into the brick-and-mortar video game stock and call options.GameStop’s share price ballooned to $483 per share, before spiraling down more than 90% to around $46 per share currently.“I believed the company was dramatically undervalued by the market. A handy guide, How to tell the season’s Victorian supernatural ensemble shows apart, Netflix’s edgy adult animated anthology is back with more love, death, and robots, Let’s talk about Falcon and the Winter Soldier’s much-hyped, spoilery moment (when you’re ready), Marvel comics shed light on the situation, testified before the House Financial Services committee on Thursday afternoon, The Wall Street Journal’s interview with Gill, GameStop’s stock market explosion, explained, Apex Legends animated short shows off new character, a Titan pilot called Valkyrie, Avatar: The Last Airbender’s new fan-driven series gets a trailer, Dota: Dragon’s Blood is getting a second season. Gill, who goes by “Roaring Kitty” on YouTube, opened the hearing by telling lawmakers that he’s not wealthy, not a hedge fund, and, indeed, not a cat. “I grew up playing video games and shopping at GameStop and I plan to continue shopping there. Plenty of pop-culture savvy folks tuned in to the committee meeting this morning, which was also carried by CNBC and other outlets. Keith Gill, a WallStreetBets poster, is the target of a class action lawsuit that alleges he manipulated the market by posting about GameStop’s stock prices. Retailing for $389, it’s Secret Lab’s Omega House Lannister variant, in Lannister Red leather. ‘Roaring Kitty’ Keith Gill delivered his opening statement before the House Committee on Financial Services on Feb. 18. Rep. Maxine Waters, the chairwoman of the House Financial Services Committee, told the news network Cheddar that she wanted the Reddit trader Keith Gill and representatives from the … Keith Gill mistakenly identified as Ken Griffin ahead of the hearing. “My post did not cause the movement of billions of dollars into GameStop shares. Gill kept up the hold-the-line cheerleading on YouTube. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News OnlineGet the latest news: http://www.cnbc.com/Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBCFollow CNBC News on Facebook: https://cnb.cx/LikeCNBCFollow CNBC News on Twitter: https://cnb.cx/FollowCNBCFollow CNBC News on Instagram: https://cnb.cx/InstagramCNBChttps://www.cnbc.com/select/best-credit-cards/ #CNBC#CNBCTV Keith Gill, the notorious retail trader also known as "Roaring Kitty," told lawmakers on Thursday he still finds GameStop an attractive investment. GameStop’s share price (until January, of course) had steadily gone down as much of the retail gaming business moves to online transactions, and brick-and-mortar chains in general are hurting. He defended himself in a virtual hearing with the House … Committee Chairwoman Maxine Waters has released the list of witnesses for the GameStop House hearing, and it includes Robinhood CEO Vlad Tenev, Reddit CEO … At times, Gill was even directly praised by members of Congress for his success and his initiative. GameStop stores still provide real value to consumers in reliable revenue for GameStop.”, He also told the panel, “I am not a cat.”. “The market was underestimating the prospects of GameStop’s legacy business in overestimating the likelihood of bankruptcy,” he said in a statement. Users organized in that subreddit to hold on to all of their holdings in GameStop, propelling and sustaining the “short squeeze” and badly damaging corporate bankers. Gill bought in well before the squeeze, with a stake of roughly $50,000 in GameStop stock because he felt it was undervalued. See here for Chairwoman Waters’ January statement on recent market volatility involving GameStop stock and other stocks. House Financial Services Committee via AP “Whether other individual investors bought the stock was irrelevant to my thesis – my focus was on the fundamentals of the business.”Gill’s latest post on Reddit said he made $7.8 million off of GameStop. Waters announced two new hearings related to the GameStop trading frenzy. Keith Gill testifies during a virtual hearing on GameStop on Feb. 18, 2021. GameStop stock Redditor testifies to Congress in Game of Thrones gaming chair, Bowser was arrested last year for selling Switch hacks, Marvel’s first Shang-Chi trailer teases a big bad martial arts movie, Are you watching The Nevers or The Irregulars? Keith Gill, trader on Reddit aka 'Roaring Kitty', delivers his opening statement. US Rep. Maxine Waters wants Keith Gill — the Reddit user who helped ignite GameStop's unprecedented stock rally — to testify at a congressional hearing … To the House committee, Gill said he bought GameStop shares for entirely legitimate reasons. Keith Gill delivers his testimony at GameStop hearing: 'I like the stock'. “My investment skills had reached a level where I felt sharing them publicly could help others.”In his testimony, Gil said he started buying shares of GameStop in 2019, when the stock price declined on disappointing earnings. It is tragic that some people lost money in my heart goes out to them. By choosing I Accept, you consent to our use of cookies and other tracking technologies. Since becoming Chairwoman of the House Financial Services Committee, Congresswoman Waters has transformed the Committee to focus its … The rising … In this image from video provided by the House Financial Services Committee, testimony of keith patrick gill BEFORE THE U.S. HOUSE COMMITTEE ON FINANCIAL SERVICES Thank you Chairwoman Waters, Ranking Member McHenry, members of the Committee. Gill joins Robinhood CEO Vlad Tenev, Melvin Capital CEO Gabriel Plotkin, Reddit co-founder and CEO Steve Huffman and Citadel CEO Ken Griffin in testifying before the House Committee on Financial Services about the GameStop trading activity in late January. Additional witnesses may be named. Robinhood, a trading app involved in the trading mania, drew condemnation and vows of regulation and investigation when it halted the purchase of GameStop shares on Jan. 28. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi The Reddit and YouTube trading star known as “Roaring Kitty” defended his social media posts that helped spark a mania in GameStop shares last month in testimony released Wednesday, saying he was an individual investor acting only on publicly available information.The trader, whose real name is Keith Gill, is set to testify Thursday before the U.S. House of Representatives’ Committee on Financial Services. Keith Gill, the Redditor and YouTuber known as “deepfuckingvalue” or “Roaring Kitty” responds to Rep. Bill Huizenga (R-Michigan) in a virtual hearing with the … Watch later. However, Gill found one of the smartest ways to turn his $53,000 investment to a thrilling $48 million in 2 years. In 2019, Gill or Roaring Kitty invested $53,000 in the video-game retailer GameStop. To learn more or opt-out, read our Cookie Policy. “The idea that I use social media to promote GameStop stock to unwitting investors and influence the market is preposterous,” Gill told the committee. Appears to be the ‘House Lannister’ Omega model, with ‘4D Full Metal armrests’. While the buzz surrounding the WallStreetBets GameStop short squeeze has died down recently, news of today’s Congressional hearing on the stock market craze has once again propelled it into the limelight.. Reddit day trader urges Wall Street probe ahead of GameStop hearing. Gill’s GameStop holdings, according to Tuesday’s lawsuit, allegedly reached $48 million at the apex of the short squeeze in late January, although Gill has said on Reddit that was a value on paper, he was only able to cash out about $13 million. WallStreetBets’ Keith Gill testified Thursday during the House Financial Services Committee hearing examining the saga over GameStop shares. Impossible to know for sure, but I believe Keith Gill AKA deepfuckingvalue is the first person to testify before conference in a gamer chair pic.twitter.com/eCLAns31zu. Keith Gill caused a polemic in Wall Street. Other than defending his actions, Gill used his testimony to again make the case for why he is still bullish on GameStop.“GameStop’s stock price may have gotten a bit ahead of itself last month, but I’m as bullish as I’ve ever been on a potential turnaround. At that time, the GameStop stock was trading at $4. But what happened in January just demonstrates again, that investing in public securities is extremely risky.”. Gill believes GameStop can expand its digital capabilities and harness its 60 million loyal members, the testimony said.The WallStreetBets star went on to say that social media platforms like YouTube, Twitter, and WallStreetBets on Reddit are leveling the playing field for individual investors as they work together to build investment ideas.“I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investing was unlikely to be suitable for most folks checking out the channel,” said Gill. In fact, it matches a chair seen in a photo accompanying The Wall Street Journal’s interview with Gill on Jan. 29. It is believed to be the first time the House has accepted sworn testimony from a witness seated in a gaming chair. Gill is a Reddit user credited with inspiring GameStop's rally. Update: This story has been edited throughout to clear up several inconsistencies due to paper values and the changing worth of securities. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. KEITH GILL: The idea that I use social media to promote GameStop stock to unwitting investors and influence the market is preposterous. Keith Gill — who goes by DeepF-----Value on Reddit and Roaring Kitty on YouTube — helped inspire the epic short squeeze in GameStop. Reddit’s ‘Roaring Kitty’ Will Speak at GameStop Hearing The trader who pumped up the stock on the internet will appear next week with the leaders of … Plus, Gill liked that famed investor Michael Burry was bullish on GameStop.“Because I thought the stock was undervalued, I purchased call options on June 7, 2019. Gill, however, has 400,000 subscribers to his YouTube channel, and a large audience in the anything-goes subreddit r/WallStreetBets. Keith Gill, the Redditor/YouTuber seen by many as the central figure in GameStop’s stock price soaring to almost $500 in late January, testified before the House Financial Services committee on Thursday afternoon. Ms. In short, I like the stock,” Gill said in the comments. The prevailing analysis about GameStop’s impending doom was simply wrong,” he said in the testimony. His analyses of GameStop stock posted on Reddit as DeepFuckingValue and on YouTube and Twitter as Roaring Kitty were cited by many as a driving factor in the GameStop short squeeze of January 2021, and as a spark for the subsequent trading frenzy in retail stocks. I increased my position throughout much of 2019 and 2020, because as I continued to analyze the company and its 3 prospects, I became increasingly confident that the share price was indeed dramatically undervalued,” the testimony said.He said the market was underestimating GameStop’s growth prospects and overestimating the likelihood the video game company would go bankrupt. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. Reddit and Keith Gill, however, got the opposite treatment. He was named in a federal civil lawsuit filed Tuesday, alleging market manipulation. On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. Learn more or opt-out, read our Privacy Notice and Terms of,! Announced two new hearings related to the House has accepted sworn testimony from witness! 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