'No Clear Deception:' Chamath Palihapitiya Doesn't Think Roaring Kitty Rigged GameStop Stock As SEC Rules Don't Address Influencers' 'Outsized Role'

Chamath Palihapitiya, a venture capitalist, and SPAC sponsor, weighed in on Keith Gill's, aka "Roaring Kittys, recent actions regarding GameStop stock. Gill posted on social media for the first time in years in mid-May, stirring excitement by posting a screenshot of his large GameStop stake. This created volatility in the stock. Palihapitiya said despite Gill's actions impacting the stock price, current SEC rules don't address the role of social media influencers driving stock purchases when there's no clear deception. He added that Gill did not explicitly endorse investing in GME or make financial claims, so it's unclear if SEC rules were violated.