After House Financial Services Committee chair Maxine Waters scheduled a hearing on the GameStop trading fiasco, he told Cheddar that she was reddit trader Keith Gill, Robinhood CEO, and a representative of GameStop wants to testify.
“I have [Keith Gill] on my list to be present … I want him here … And I absolutely want Robinhood. I even want GameStop here, ” Rep. Waters told Cheddar.
—Jd durkin (@jiveDurkey) 3 February 2021
Earlier in the day, Waters confirmed to Bloomberg that she was actively working on the invitation list for the February 18 trial.
“I have my wish list, but it’s not finished yet. I’m trying to get everyone who, you know, has a role. I want Reddit there. I want Robinhood there. I even want GameStop there. And I want a single hedge fund there, “Rep. Waters told Bloomberg.” I’m looking at Citadel and Melvin Capital.
Waters announced the trial last week, saying: “Taking robbery and manipulative action is the responsibility of legislators and security regulators charged with protecting investors and ensuring that our capital markets are fair, orderly and efficient.”
Keith Gill, who goes on Deepd — ingValue on Reddit’s WallStreetBets forum and Roaring Kitty on YouTube, is admitted that he led the charge of buying GameStop shares with retail investors in the sub-editor leader, which led to the company’s share price skyrocketing 8,000% over the past six months.
According to The New York Times, regulators may be looking at Gill to promote GameStop shares while still working and leaving former employer MassMutual.
On January 28, trading platform Robinhood pulled the rug among retail investors, freezing trading on GameStop ($ GME), AMC ($ AMC), BlackBerry ($ BB), Bed Bath & Beyond ($ BBBY) and Nokia ($ NOK). ), all shares purchased by Reddit users.
Prior to the increases, the large hedge funds severely shorted, or bet against, the shares.
Robinhood called its freezing a ‘risk management decision’ due to ‘extraordinary circumstances’. Following the madness, Robinhood also announced that it had raised $ 1 billion from existing investors this week.