(Reuters) – The YouTube streamer known as Roaring Kitty, who helped create a wave of interest in GameStop Corp. (NYSE :), will testify before a U.S. House panel on Thursday along with top hedge fund managers.
The House Financial Services Committee is investigating how a flood of retail drove GameStop and other stocks to extreme heights and pressured hedge funds like Melvin Capital, which had been betting against it.
The witness list was announced Friday by Representative Maxine Waters (NYSE 🙂 and includes Keith Gill, who also goes by Roaring Kitty, Robinhoods CEO Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin CEO Gabriel Plotkin and Reddit CEO Steve Huffman.
The virtual hearing entitled “Game Stopped? Who wins and loses when short sellers, social media and retail investors collide, “takes place Thursday at 12 ET (1700 GMT) according to the press release and will be livestreamed https://financialservices.house.gov/ live. Waters, a Democrat, is Chairman of the House Committee on Financial Services.
“We are working with the House Financial Services Committee and plan to testify,” Reddits Huffman said in a statement. A spokesman for Melvin confirmed that Plotkin was planning to testify.
Representatives of Citadel and Robinhood did not respond to requests for comment. Gill could not be reached for comment.
Robinhood, Reddit, Melvin and Citadel have been at the heart of the GameStop saga, which saw retailers promoting GameStop on the Reddit forum WallStreetBets. Robinhood emerged as a popular place to trade the shares, but was criticized for temporarily restricting trading in the hot stock.
The GameStop rise resulted in huge losses for Melvin after the hedge fund played that the retailer’s stock price would fall. Citadel’s hedge funds, along with founder Griffin and regular partners, put $ 2 billion into Melvin.
Democrats and Republicans are united in their anger over Robinhood’s decision to suspend trading in the so-called “meme stocks” on January 28. Tenev said the company had to impose the restrictions after wild trading in the shares triggered a margin call of $ 3 billion. Robinhoods clearing house, which strains the company’s balance sheet.
Securities regulators in Massachusetts have also issued a subpoena seeking Gill’s testimony.
Fusion Media or anyone involved in Fusion Media assumes no responsibility for any loss or damage resulting from reliance on the information, including data, offers, charts and buy / sell signals contained on this site. Be fully informed about the risks and costs associated with trading in the financial markets, it is one of the most risky forms of investment.
More Tags We Lovewho has the best insurance rates in michigan term life insurance policy house insurance uk prices what to do if you lost your health insurance card auto insurance cost florida are auto insurance rates higher for seniors major auto insurance companies in florida full coverage auto insurance cost texas how do i qualify for unemployment insurance benefits best house insurance companies in california