June 14, 2021

US Congress to Hear Robinhood, GME, and Reddit

US Congress to Hear Robinhood, GME, and Reddit

Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev and investor Keith Gill are on the list of witnesses for an upcoming hearing at the House of Representatives Financial Services Committee.

US Congress to Hear Robinhood, GME, and Reddit

The hearing, which will be held virtually, is dedicated to investigating the recent volatility in GameStop stock triggered by a group of retail traders from r / WallStreetBets Reddit.

GameStop (GME) shares skyrocketed in two weeks500% on Jan 28, peaking at $ 483. Several government agencies are investigating whether there was market manipulation and whether the actions of Robinhood and other brokerages to temporarily restrict GME trading were in compliance with federal regulations.

Senate Banking Committee alsoplans to hold a hearing on "the current state of the stock market." The House Hearing, which has the catchy title “Game Stopped? Who Wins and Losers When Shortists Clash, Social Media And Retail Investors, ”- will be televised live on February 18.

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