Benzinga - by Michael Cohen, Benzinga Editor.
Dave Portnoy, founder of Barstool Sports, launched a scathing attack on E*Trade in response to news that the platform, owned by Morgan Stanley (NYSE:MS), is considering banning Roaring Kitty, whose real name is Keith Gill, over allegations of stock manipulation.
In a video posted on X (formerly known as Twitter), Portnoy vehemently criticized E*Trade, stating, “E*Trade is the biggest f***ing crooks in the game … Any time there’s volatility, E*Trade f***ing crashes … E*Trade just wants to work on peasants.” Portnoy’s reaction highlights a deep-seated frustration within the retail trading community, which often feels marginalized by larger financial institutions.
“So if E*Trade is threatening to kick Roaring Kitty off their platform, that means Roaring Kitty is doing something right,” Portnoy added.
Benzinga has reached out to E*Trade for comment on Portnoy’s tweet.
If E*Trade is considering kicking Roaring Kitty off their platform it means he's doing something right #GME #AMC #DDTG pic.twitter.com/SOsaQIrYr5— Dave Portnoy (@stoolpresidente) June 3, 2024
Also Read: Jim Cramer Sounds Alarm Bell, Advises Investors To Take Profits As GameStop, AMC Shares Soar: ‘There’s Nothing There’
Citron Research’s Perspective Citron Research provided a different angle on the situation, focusing on the actions of Roaring Kitty rather than E*Trade.
Citron tweeted, “What made Keith Gill aka Kitty interesting initially was his authenticity. He shared a detailed investment thesis and put his money where his mouth was, which combined with a high short interest and a restless country and boom… investing history. This time it feels different.”
They added, “Now, with $GME, he posts with a large account and a significant near-term option position, appearing more like manipulation without a solid thesis. We believe someone is backing Gill — there’s no way he made this size trade alone. His reported finances don’t support this trade. Investors will see through this roaring Icarus.”
Citron Research founder Andrew Left spoke to Benzinga in May about the return of Roaring Kitty to social media and the renewed attention on GameStop Corporation (NYSE:GME).
Meanwhile, app-based brokerage Public.com responded to the news by inviting Roaring Kitty to trade on its platform.
Hey @TheRoaringKitty – you're always welcome to trade over @public (we'll cover the ACAT fees). pic.twitter.com/HclQnNqUq2— Public (@public) June 3, 2024
The Broader Impact Portnoy’s video and the contrasting perspective from Citron Research have ignited a broader discussion about the relationship between retail traders and financial institutions. Retail traders, who have significantly increased their market presence in recent years, are now questioning the platforms that are supposed to empower them.
Now Read: Bitcoin, Ethereum, Dogecoin Spike, But: ‘Monday Pump And Then Tuesday Dump Scenario Is Possible,’ Warns Trader
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Zach Catanzareti Photo via Wikimedia.
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