Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev and Keith Gill (also known as Roaring Kitty) are all on the witness list for a forthcoming hearing before the House Financial Services Committee, according to a statement from the President Maxine Waters (D-CA). The hearing, to be conducted virtually, will test the recent volatility in GameStop’s shares after a spike fueled by a group of active day traders on the r / WallStreetBets Reddit board.
Over a two-week period that began last month, GameStop (GME) shares soared 500 percent, reaching a $ 483 high on Jan. 28. Several government agencies are now investigating whether market manipulation was involved and whether Robinhood and other brokers that temporarily restricted GME trading were in compliance with federal regulations.
According The New York Times, after Gill invested $ 53,000 in GME in 2019, he started tweeting and posting videos about the stock; after Reddit’s roller coaster ride last month, its original investment is now worth about $ 48 million.
The Senate Banking Commission also plans to hold a hearing on the “current state of the stock market”. The Chamber audience, which has the catchy title “Has the game stopped? Who wins and loses when short sellers, social media and retail investors collide, ”will be broadcast live on your website from 12 pm ET on February 18.