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CEO of Robinhood and Reddit is to appear for US Committee Hearing

CEO of Robinhood and Reddit is to appear for US Committee Hearing
CEO of Robinhood and Reddit is to appear for US Committee Hearing

The Home Financial Services council will hold a digital hearing on February 18 as part of an investigation into the Reddit stock exchange group’s concerted efforts to make the GameStop stock a giant finger of honor for hedge fund managers.

The witness list released the names of Vlad Tenev, co-CEO of Robinhood, Steve Huffman, CEO and co-founder of Reddit, Gabriel Plotkin, and Melvin Capital and Keith Gill Reddit (also known as roaring Kitty), as well as several key players associated with the GameStonks saga. YouTubers is said to help launch the weekly Friday shopping frenzy. According to the press release, additional witnesses are to be named.

Last month, a small group of traders from the WallStreetBets subgroup met to buy GameStop stock and make large bets on the weakened sports retailer. As GameStop stock rose at least 500% and short-sellers like Melvin lost billions of dollars, their plan worked. According to the New York Times report, Jill played a pivotal role in the marketing campaign, tweeting and constantly making videos about the money that went into GameStop’s inventory. To some extent, it is estimated to be around $48 million. He would have made a one-time contribution of $53,000 in 2019.

CEO of Robinhood and Reddit is to appear for US Committee Hearing
CEO of Robinhood and Reddit is to appear for US Committee Hearing

Gill and his friends from Reddit flocked to Robinhood’s free online sales platform to buy GameStop inventory before turning to various flashy companies supported by Wall Street veterans. Only the stock that was mentioned after several lawsuits and accusations of stock market manipulation are taken into consideration.

In January, Waters said the home hearing “will review GameStop’s (GME) inventory and the various stocks involved in the current fiscal year and take stock of the various stocks involved and the easy promotion, online buying and selling platform, gaming and its systematic impression on our capital markets and retailers”. “We will take.

The Senate Banking Committee also said it planned to hold a hearing on “the state of the commodities market” in response to the GameStonks saga. You can watch it online live at home on the website from noon (Eastern Time) on February 18.

About the author

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Steven Ly

Steven Ly is the Startup Program and Events Manager at TheNextHint Inc. She recruits rockstar startups for all TC events including Disrupt, meetups, Sessions, and more both domestically and internationally. Previously, she helped produce Dreamforce with Salesforce and Next '17 with Google. Prior to that, she was on the advertising teams at both Facebook and AdRoll, helping support advertisers in North America and helped grow those brands globally. Outside of work, Priya enjoys Flywheel, tacos, the 49ers, and adventuring around the globe.

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