Matt Levine’s Money Stuff: Be Careful With Your Finfluence

Positive and negative finfluence

So on the one hand, the state of Massachusetts fined Massachusetts Mutual Life Insurance Co. $4 million for letting Keith Gill do the GameStop thing:

Mr. Gill, known as “Roaring Kitty” on YouTube and “DeepF—ingValue” on Reddit, became an Internet folk hero in January, thanks to his prescient bets on GameStop stock. For months leading up to the GameStop trading frenzy in January—during which nonprofessional traders sent the company’s shares soaring to a record high—Mr. Gill posted videos and messages discussing why he was putting large sums of money into the stock. …

At the ...