Managers in the midst of the GameStop trading saga – including from Reddit and Robinhood, plus hedge funds Melvin Capital and Citadel – will testify before Congress next week, the financial services committee announced Friday.
Why it matters: The virtual trial is the first since the fallout from the Reddit stock exchange frenzy that has pushed stocks like GameStop and AMC Entertainment to meteoric heights – and the first time some of these executives have spoken publicly about it.
Who testifies:
- Vlad Tenev, Robinhood CEO
- Steve Huffman, Reddit CEO
- Ken Griffin, CEO of Citadel (and owner of Citadel Securities, the marketer working separately from the hedge fund)
- Gabe Plotkin, CEO of Melvin Capital Management
- Keith Gill, r / WallStreetBets investor (better known as ‘Roaring Kitty’ or ‘DeepF — kingValue’)
Remarkable: The committee said ‘additional witnesses may be released.’
The conclusion: The trade mania has faltered, but it still has the attention of Congress and regulators.
What’s next: The trial – entitled “Game stopped? Who wins and loses when short sellers, social media and retail investors clash “- is scheduled for next Thursday, at 12 noon ET