The House will hear from Reddit and Robinhood during a hearing on GameStop next week.
Angela Lang/CNETThe House Financial Services Committee has announced the lineup for its GameStop hearing next week. The committee will hear testimony from Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Citadel CEO Kenneth Griffin and Reddit user Keith Gill, Rep. Maxine Waters announced Friday afternoon.
The virtual hearing, called "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide," will take place Feb. 18 at 12 p.m. ET. Here's where to watch it.
Read the background: Robinhood backlash: Here's what you should know about the GameStop stock controversy
More witnesses may be called, Waters, the chairwoman of the House Financial Services Committee, said Friday.
"We'll have the young man from Reddit, his name is Keith Gill, who basically started this mania," Waters said on Feb. 3 when announcing the hearing. "We're going to make sure that we're not taking sides."
The hearing comes after Reddit's WallStreetBets community banded together and used Robinhood and other financial services apps to push GameStop stocks 14,000% higher over the last few months after Wall Street hedge funds bet against those shares.
Robinhood then restricted trading of GameStop stock citing "market volatility," but after a lawsuit seeking class-action status was quickly filed against Robinhood was filed in New York. Robinhood changed course later the same day, restoring "limited buys of these securities."
from CNET https://ift.tt/3aey5aU
via IFTTT
No comments:
Post a Comment