The Chamber will hear Reddit and Robinhood during a GameStop hearing next week.
Angela Lang / CNET
The House Financial Services Committee announced the schedule for the 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 on Friday afternoon.
The virtual audience, called “Interrupted gambling? Who wins and loses when short sellers, social media and retail investors collide”, will take place on February 18 at 12 noon Eastern Time. See where to watch.
Read the history: Robinhood’s retreat: here’s what you should know about the GameStop stock controversy
More witnesses can be called, said Waters, the chairman of the House’s Financial Services Committee, on Friday.
“We will have the young man from Reddit, his name is Keith Gill, who basically started this craze,” Waters said on February 3, when announcing the audience. “We will make sure that we are not taking sides.”
The hearing comes after Reddit’s WallStreetBets community teamed up and used Robinhood and other financial services apps to boost GameStop shares 14,000% higher in the past few months after Wall Street hedge funds bet against those shares.
Robinhood then restricted GameStop’s stock trading by citing “market volatility”, but after a lawsuit seeking class action status was quickly brought against Robinhood it was filed in New York. Robinhood changed course later that day, restoring “limited purchases of these titles”.