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Rebecca Fike Joins CNBC’s Last Call to Debate Meme-Stock Leader Roaring Kitty

Insight
June 18, 2024
Rebecca Fike
Insight
June 18, 2024

E-Trade was considering banning one of its users Keith Gill, known as Roaring Kitty, after he disclosed a significant stock position on social media. To comment on the issue, Rebecca Fike first appeared on CNBC and addressed the legality of publicly sharing stock holdings when followed by millions, which can have a significant impact on the market.

Along with guest Tom Sosnoff, cofounder of TastyTrade, Rebecca discussed E-Trade’s right to ban Gill and the complications of whether it should, considering potential liability for aiding any SEC violations versus backlash from the Reddit investor community.

In her second appearance, following Gill’s live video about E-Trade and Gamestop, Rebecca emphasized the legality of truthfully sharing stock positions and the likely SEC investigation that would follow. Overall, the discussion focused on the risks trading platforms face in maintaining market integrity and user protection amid potentially disruptive behaviors. The implications for E-Trade’s policies and reputation in the financial community, given the manipulation risks on social media, will be closely monitored.

Key Contacts

Partner
Rebecca Fike

This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.