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One of the lead characters in January’s dramatic short squeeze of GameStop (GME) says he didn’t dupe amateur investors into driving up the brick-and-mortar retailer's stock price, which ultimately earned him millions of dollars.
In prepared testimony presented to the House Financial Services Committee, Keith Gill, better known as his YouTube persona Roaring Kitty and DeepF—ingValue on Reddit’s WallStreetBets board, says he simply believed in GameStop and didn’t use his social channels to push investors to purchase the beleaguered video game retailer’s stock.
“The idea that I used social media to promote GameStop stock to unwitting investors is preposterous,” Gill wrote in his opening statement, which was posted online Wednesday.
“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. Whether other individual investors bought the stock was irrelevant to my thesis — my focus was on the fundamentals of the business.”
Read more: Robinhood CEO denies hedge fund collusion in testimony to Congress
Gill is one of several witnesses testifying Thursday before the committee that is looking into the massive run-up in GameStop’s stock price, which saw an army of amateur investors piling into the heavily shorted stock. Those amateur investors, many of whom were trading on the Robinhood platform, sent the price screaming to record highs and forced short sellers to buy the company’s shares to cover their losses. Other witnesses testifying Thursday include Reddit CEO Steve Huffman, Robinhood CEO Vlad Tenev, and Citadel CEO Kenneth C. Griffin.
'It's alarming how little we know'
The GameStop saga briefly made the world of short selling a topic of dinner table conversation in recent weeks. At the beginning of January, the company’s stock was just $19, but jumped to as much as $483 on Jan. 28, before coming back down to $45.94 at the close of markets on Wednesday.
In addition to GameStop, investors launched short squeeze campaigns against AMC (AMC), BlackBerry (BB), and Nokia (NOK), forcing short sellers to buy up shares to cover their losses.
In his testimony Gill lays out his investment thesis, and mentions that despite his experience with the stock, he barely understands the whole story.
“It’s alarming how little we know about the inner-workings of the market, and I am thankful that this Committee is examining what happened,” Gill testified.
The investor has faced intense scrutiny, including an investigation by Massachusetts securities regulators who are looking into Gill and his former employer MassMutual where he worked as a financial wellness educator.