CEOs of Reddit, Robinhood and Roaring Kitty comprehends on the witness list of GameStop hearing
Federal regulations are in caution as over a two-week period GameStop’s stock (GME) skyrocketed by 500 percent, hitting a high of $483 on January 28th. Congress is probing into whether there was market manipulation involved, and whether Robinhood and other brokerages that temporarily restricted trading of GME.
Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev and Keith Gill (aka Roaring Kitty) are slated to testify for an upcoming hearing before the House Financial Services Committee. In the report released by Chairwoman Maxine Waters(D-CA). The hearing, to be conducted virtually, will investigate the recent inconstancy in shares of GameStop following a rally fueled by a group of day traders active on the WallStreetBets Reddit board.
As stated in The New York Times after Gill invested $53,000 in GME in 2019, he began tweeting and posting videos about the stock; following the Reddit rollercoaster last month his original investment is now worth around $48 million.
The Senate Committee on Banking also opinions to hold hearings into the”current state of the stock market.” The House hearing with catchy title “Game Stopped? “Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” will be live on their website beginning at 12 PM ET on February 18th.