Executives at the center of the GameStop trading saga – including Reddit and Robinhood, plus hedge funds Melvin Capital and Citadel – will testify before Congress next week, the House’s financial services committee said Friday.
Why does it matter: The virtual hearing is the first since the frenzy of Reddit stock trading that pushed stocks like GameStop and AMC Entertainment to meteoric heights – and for the first time some of these executives will speak publicly about it.
Who testifies:
- Vlad Tenev, CEO Robinhood
- Steve Huffman, CEO Reddit
- Ken Griffin, CEO of Citadel (and owner of Citadel Securities, a market-maker that operates separately from hedge funds)
- Without Plotkin, CEO Melvin Capital Management
- Keith Gill, r / WallStreetBets investor (better known as “Roaring Kitty” or “DeepF — kingValue”)
It’s worthless: The committee stated that “additional witnesses may be called”.
Bottom line: Trading mania has subsided, but it still has the attention of Congress and regulators.
What’s next: The hearing – entitled “Has the game stopped? Who wins and loses when short sellers, social networks and retail investors collide ”- is scheduled for Thursday, starting at 12 ET