Stock Market
Reddit, Robinhood Bosses to Testify at GameStop Hearing
Reddit, Robinhood Bosses to Testify at GameStop Hearing
The bosses of Robinhood, Citadel, Melvin Capital and Reddit will testify next week at a House hearing about the wild trading involving GameStop and other stocks.
Citadel’s Ken Griffin, Robinhood’s Vlad Tenev, Melvin Capital Management chief Gabriel Plotkin, Reddit co-founder Steve Huffman, and Keith Gill, a Reddit user credited with sparking GameStop’s rally who’s known by his YouTube name “Roaring Kitty,” are all scheduled to appear before the House Financial Services Committee, Rep. Maxine Waters said Friday.
The committee is investigating how massive retail trading pushed certain stocks sky high. GameStop’s stock soared from trading for under $20 a share in the beginning of January to a high of $347.51 on Jan. 27.
The recent drama has highlighted the potential for market manipulation by social media, mobile trading apps, broker solvency and short-selling rules.
Additional witnesses also may also testify at the virtual hearing set for noon on Feb. 18.