Home Committee on Monetary Providers Listening to to Embrace Robinhood CEO, Reddit Co-Founder and Extra

The Home Committee on Monetary Providers, Chaired by Maxine Waters, has introduced the witnesses on the forthcoming listening to entitled “Sport Stopped? Who Wins and Loses When Quick Sellers, Social Media, and Retail Traders Collide.”

Witnesses embrace:

• Vlad Tenev, Chief Govt Officer, Robinhood Markets, Inc.
• Steve Huffman, Chief Govt Officer, Co-Founder, Reddit
• Kenneth C. Griffin, Chief Govt Officer, Citadel LLC
• Gabriel Plotkin, Chief Govt Officer, Melvin Capital Administration LP
• Keith Gill

In an e mail, the Committee indicated extra witnesses could also be named previous to the listening to.

The listening to was scheduled following the appearance of coordinated buying and selling originating in sure subReddits, like Wallstreetbets, focusing on securities with massive outsized quick positions. Shopping for in shares of shares like Gamestock (NYSE:GME) triggered a therapeutic massage quick squeeze driving shares dramatically greater. Shares in Gamestop presently commerce at round $50 a share down from a 52 week excessive of over $480 a share.

A portion of the buying and selling routed via Robinhood, a quick going Fintech that’s common with youthful traders.

At one time limit, Robinhood hit the pause button on buying and selling in sure shares inflicting outrage amongst a few of its customers.

Citadel and Melvin are two companies that had been concerned within the Gamestop saga.  Citadel Securities is a market maker that handles a portion of Robinhood’s buying and selling. Melvin is a hedge fund that misplaced cash as a part of the quick squeeze.

Keith Gill was energetic on the subreddit Wallstreetbets. He’s additionally recognized by his handles like DeepFuckingValue and Roaring Kitty.

The listening to can be live-streamed on the Committee’s web site and watched by 1000’s.

The digital listening to will happen on February 18 at 12:00 PM ET