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 Friday.
Why it matters: The virtual hearing is the first since the fallout from stock trading on Reddit that propelled stocks like GameStop and AMC Entertainment to enormous heights – and the first time some of these executives will speak about it publicly.
Who testifies:
- Vlad Tenev, CEO of Robinhood
- Steve Huffman, CEO of Reddit
- Ken Griffin, Citadel CEO (and owner of Citadel Securities, the market maker that operates independently of the hedge fund)
- Gabe Plotkin, CEO of Melvin Capital Management
- Keith Gill, r / WallStreetBets investor (better known as “Roaring Kitty” or “DeepF — kingValue”)
Worth nothing: The committee said “additional witnesses may be announced.”
it comes down to: The trade frenzy has subsided, but 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 ”- scheduled for next Thursday, starting at 12:00 PM