Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev, and Keith Gill (aka Roaring Kitty) are all on the witness listing for an upcoming hearing before the Home Financial Providers Committee, according to a launch from Chairwoman Maxine Waters (D-CA). The hearing, to be carried out nearly, will probe the latest volatility in shares of GameStop following a rally fueled by a bunch of day merchants energetic on the r/WallStreetBets Reddit board.
Over a two-week interval that started final month, GameStop’s stock (GME) skyrocketed by 500 p.c, hitting a excessive of $483 on January 28th. A number of authorities entities at the moment are wanting into whether there was market manipulation concerned, and whether Robinhood and other brokerages that briefly restricted trading of GME have been in compliance with federal rules.
Based on The New York Occasions, after Gill invested $53,000 in GME in 2019, he started tweeting and posting videos in regards to the stock; following the Reddit rollercoaster final month his authentic funding is now value round $48 million.
The Senate Committee on Banking also plans to carry a hearing into the “present state of the stock market.” The Home hearing, which has the catchy title “Game Stopped? Who Wins and Loses When Quick Sellers, Social Media, and Retail Buyers Collide,” will stream stay on its web site starting at 12PM ET on February 18th.