The House will hear from Reddit and Robinhood next week during a trial on GameStop.
Angela Lang / CNET
The House Financial Services Committee announced next week that the GameStop hearing will be held. The committee will hear the testimony of Robin Ten, CEO of Robinhood, Steve Huffman, CEO of Reddit, Gabriel Plotkin, CEO of Melvin Capital, Kenneth Griffin, CEO of Citadel, and Keith Gill of Reddit, rep. Maxine Waters announced Friday afternoon.
The virtual trial, called “Game Stopped? Who Wins and Loses When Short Sellers, Social Media and Small Investors Collide”, takes place on February 18 at 12 noon ET. Here’s where to look for it.
Read the background: Robinhood setback: here’s what you need to know about the GameStop shares
More witnesses could be called, Waters, chairman of the financial services committee, said Friday.
“We’ll have the young man from Reddit, he’s Keith Gill, who basically started this mania,” Waters said on February 3 when the trial announced. “We’re going to make sure we do not take sides.”
The trial comes after Reddit’s WallStreetBets community teamed up and used Robinhood and other financial services programs to raise GameStop shares 14,000% over the past few months after Wall Street hedge funds bet against the shares.
Robinhood then restricted the trading of GameStop shares, citing “market volatility”, but after a lawsuit seeking the status of a class action lawsuit was quickly filed against Robinhood, it was filed in New York. Robinhood later changed course that day and restored ‘limited purchases of these bonds’.