Steve Huffman, CEO, Reddit, comments on ‘Redesigning Reddit’ during the third day of the Web Summit in Altice Arena on November 8, 2017 in Lisbon, Portugal.
Horacio Villalobos | Corbis | Getty Images
Reddit CEO Steve Huffman will tell members of Congress on Thursday that no significant activity on WallStreetBets’ online community was driven by clashes or foreign agents last month, according to a copy of his prepared remarks.
The hearing before the US House of Representatives’ Committee on Financial Services comes after the WallStreetBets community sparked a trading phenomenon that raised the GameStop share by 400% within a week and reached $ 483 per share. As trading volumes skyrocketed, online trading platform Robinhood had to temporarily suspend trading in GameStop and other hot stocks to meet its deposit obligations, preventing some traders from making profits and at least one lawsuit. too awake.
GameStop closed at $ 45.94 on Wednesday.
“We have since analyzed the activity in WallStreetBets to determine if bots, foreign agents or other bad actors played a major role. They did not,” Huffman will testify according to a statement of his planned remarks. “In every measure we checked, the activity in WallStreetBets was within normal parameters, and the moderation equipment was working as expected.”
Huffman will testify with Robinhood CEO Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin Capital CEO Gabriel Plotkin, and Keith Gill, who goes through DeepF – Value on Reddit and Roaring Kitty on YouTube.
“WallStreetBets may seem sophisticated or chaotic from the outside, but the fact that we are here today means that they have succeeded in raising important issues of fairness and opportunity in our financial system,” Huffman said. “I’m proud they used Reddit for this.”