Executives from the companies involved in the GameStop stock saga will testify at a hearing before the U.S. House Committee on Financial Services.
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🚨 #BREAKING: Chairwoman @RepMaxineWaters Announces #Robinhood, #Citadel, #MelvinCapital, #Reddit CEOs and Keith Gill to Testify at Committee Hearing | https://t.co/dvDenXvANQ pic.twitter.com/krRC0DhV0l
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— U.S. House Committee on Financial Services (@FSCDems) February 13, 2021
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On February 18, testimony will be given by Vlad Tenev, co-founder of the crypto-friendly Robinhood platform; Kenneth Griffin, CEO of market-maker Citadel; Gabriel Plotkin, head of the Melvin Capital hedge fund; Reddit’s Steve Huffman and r/WallStreetBets member Keith Gill.
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The latter is known by the usernames u/DeepFuckingValue and Roaring Kitty. According to the Daily Mail, Gill sparked ‘war’ between retail traders and Wall Street.
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The committee is examining whether there was collusion between Robinhood and hedge funds. Against the backdrop of stock pump for GameStop, the platform restricted trading in several assets, drawing criticism from authorities and investors.
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As a result of the GameStop rally, the Melvin Capital hedge fund lost 53% of capital in January. The total losses of short sellers on the company’s stock last month were estimated at $19.75 billion.
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Tenev, in a conversation with Tesla founder Elon Musk, denied that Citadel forced Robinhood to ban trades in the stocks.
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