A notorious meme stock investor known as Roaring Kitty is being investigated by US regulators.
The trading activities of Keith Gill, who has re-emerged after winning a cult online following during the pandemic, are being examined by the Massachusetts securities regulator.
Gill this week returned to online chat forum Reddit with a post showing a £91million bet has been made on beleaguered video game retailer Gamestop.
The post sent the value of the shares soaring in a move reminiscent to those seen in the meme stock craze of 2021.
The screenshot suggested that Gill may own 5m shares, fuelling investor confidence in the business.
Probe: Keith Gill (pictured) – who has re-emerged after winning a cult following during the pandemic – is being examined by the Massachusetts securities regulator
It followed his re-emergence on X, formerly known as Twitter, last month when he posted cryptic tweets after a two-year absence.
Gamestop shares have nearly doubled in value in the past month, giving the group a market cap of £7billion.
Gill fuelled a buying spree of Gamestop shares three years ago as the stock passed $120 from as little as $3 in three months, before falling back.
The episode inspired the 2023 film Dumb Money.
Critics fear Gill’s comeback could lead to spiralling losses for retail investors.
The e-trade division of Morgan Stanley is considering banning Gill from its platform, The Wall Street Journal reported.
The watchdog declined to give details.
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