Executives at the center of the GameStop trading saga — including from Reddit and Robinhood, plus hedge funds Melvin Capital and Citadel — will testify before Congress next week, the House Financial Services committee announced on Friday.
Why it matters: The virtual hearing is the first since the fallout of the Reddit stock trading frenzy that pushed stocks like GameStop and AMC Entertainment to record highs — and the first time some of these executives will speak publicly about it.
- Vlad Tenev, Robinhood CEO
- Steve Huffman, Reddit CEO
- Ken Griffin, Citadel CEO (and owner of Citadel Securities, the market-maker that operates separately from the hedge fund)
- Gabe Plotkin, Melvin Capital Management CEO
- Keith Gill, r/WallStreetBets investor (better known as “Roaring Kitty” or “DeepF—kingValue”)
Worth noting: The committee said “additional witnesses may be announced.”
The bottom line: The trading mania has fizzled, but it still has the attention of Congress and regulators.
What’s next: The hearing — titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide” — is scheduled for next Thursday, starting at 12 pm E.T.
Source: Axios Breaking News