CEOs of Robinhood and Reddit to Testify in Federal GameStop Hearing

The House Financial Services Committee will hold a virtual hearing on Feb. 18 as part of its investigation into the co-ordinated try by Reddit ’s line - trading community of interests to ride up the price of GameStop stocks as a big in-between digit to duck fund managers .

The informant leaning includes some of the key players involved in the GameStonks saga , include Robinhood co - CEO Vlad Tenev , Reddit CEO and co - founder Steve Huffman , Melvin Capital CEO Gabriel   Plotkin , and Keith Gill ( aka Roaring Kitty ) , a Reddit user and YouTuber who reportedly help kick off the purchasing frenzy , pera Friday crush releasefrom House Financial Services Committee Chair Rep. Maxine Waters . Additional attestator may still be named , the press going states .

Last month , little - clock time investors on the WallStreetBets subreddit banded together to buy up GameStop lineage in part to screw over hedge store that made significant bet against the beleaguered game retailer . Their plan work , and the note value of GameStop ’s stockskyrocketed by at least 500%while poor sellers like Melvinbled out billionsin figure personnel casualty . According tothe New York Times , Gill act a central use in start out the campaign off the ground by often tweeting and get videos about his investment funds in GameStop stock . At one point , his original investment of $ 53,000 in 2019 was reportedly worth roughly $ 48 million .

Photo: Olivier Douliery (Getty Images)

Gill and his fellow Reddit user flock to the free online trading platform Robinhood to buy up GameStop Malcolm stock before turning their sights onto other floundering company favored by WallStreetBets . Robinhood is staring downseverallawsuitsand accusations of stock market use after it abruptly block user from buying so - called “ YOLO stocks ” during the stature of the societal media - fueled stock marketplace delirium .

In January , Waters say the House hearing will “ see the late activity around GameStop ( GME ) stock and other impacted stocks with a focus on short merchandising , online trading political platform , gamification and their systemic impact on our uppercase markets and retail investors . ”

The Senate Committee on Banking hasalso foretell plansto hold a auditory sense “ on the current state of the stock certificate market place ” in the backwash of the GameStonks saga . you may catch the House hearinglive on its websitebeginning at 12 p.m. ET on Feb. 18 .

How To Watch French Open Live On A Free Channel