Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev, and Keith Gill (aka Roaring Kitty) are all at the witness record for an upcoming hearing prior to the House Financial Services Committee, in accordance to a release from Chairwoman Maxine Waters (D-CA). The hearing, to be performed nearly, will probe the hot volatility in stocks of GamePrevent following a rally fueled through a gaggle of day investors lively at the r/WallStreetBets Reddit board.
Over a two-week duration that started closing month, GamePrevent’s inventory (GME) skyrocketed through 500 p.c, hitting a top of $483 on January 28th. Several government entities are now looking into whether or not there used to be marketplace manipulation concerned, and whether or not Robinhood and different brokerages that briefly limited buying and selling of GME have been in compliance with federal rules.
According to The New York Times, after Gill invested $53,000 in GME in 2019, he started tweeting and posting movies in regards to the inventory; following the Reddit rollercoaster closing month his unique funding is now value round $48 million.
The Senate Committee on Banking additionally plans to hold a hearing into the “present state of the inventory marketplace.” The House hearing, which has the catchy name “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” will stream live on its website starting at 12PM ET on February 18th.