Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev, and Keith Gill (aka Roaring Kitty) are all on the evidence list for an upcoming hearing before the Financial Services Committee, according to a release from the Chairman Maxine Waters (D-CA). . The trial, which is set to take place, will examine the recent volatility in GameStop shares following a rally fueled by a group of day traders working on the r / WallStreetBets Reddit board.
Over a two-week period that began last month, GameStop’s inventory (GME) soared 500 percent, peaking at $ 483 on January 28th. Several government agencies are now investigating whether market manipulation was involved and whether Robinhood and other brokers temporarily restricting GME trading comply with federal regulations.
According to The New York Times, after Gill invested $ 53,000 in GME in 2019, he started tweeting and posting videos about the stock; following the Reddit roller coaster last month, its original investment is now worth about $ 48 million.
The Senate Committee on Banking also plans to hold a hearing on the ‘current state of the stock market’. The House trial, with the catchy title “Game stopped? Whoever wins and loses when short sellers, social media and retail investors clash will appear live on his website on 18 February.