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Reddit, Robinhood, Citadel CEOs to Testify at GameStop Hearing
The U.S. House Committee on Financial Services hearing will investigate issues around the recent trading surge for shares of GameStop and other companies.
The CEOs of Robinhood, Citadel, Melvin Capital and Reddit will testify at a U.S. House Committee on Financial Services hearing this week relating to issues around the recent frenzied trading of stocks like GameStop.
STORY CONTINUES BELOW
- The virtual hearing on Feb. 18 is set to investigate how retail trading pushed the stock from trading below $20 at the beginning of January to around $340 at the end of the month, according to a New York Post report Saturday.
- In particular, Reddit's online trading community r/WallStreetBets helped pump share prices for GameStop and other companies in a bid to punish short sellers.
- Amid the surge, trading app Robinhood limited the ability of traders to buy GameStop and other stocks targeted by WallStreetBets.
- Rep. Maxine Waters (D-Calif.), who will chair the hearing, said previously "I am concerned about whether or not Robinhood restricted the trading because there was collusion between Robinhood and some of the hedge funds that were involved with this.”
- Hedge fund Citadel is appearing because its independent securities arm has a business relationship with Robinhood, while Melvin Capital had to close its GameStop short positions due the the price rise.
- The hearing will be attended by Citadel CEO Ken Griffin, Robinhood CEO Vlad Tenev, Melvin Capital Management CEO Gabriel Plotkin, Reddit co-founder Steve Huffman and Reddit user Keith Gill.
Read More: Investors Pump $250M Into Reddit Following Social Media Site’s Role in GameStop Mania
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
