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Analysis: Robinhood CEO s U.S. lawmaker grilling spotlights broker s hidden risks Michelle Price ,
By Michelle Price and Anna Irrera
WASHINGTON (Reuters) - Robinhood CEO Vlad Tenev told a congressional hearing that his decision to curb buying in some stocks such as GameStop Corp during a period of extreme volatility was unavoidable, but industry experts said it only underscored the risks the popular trading app was willing to accept to expand its market share.
Robinhood s Jan. 28 restrictions on buying GameStop and other stocks that hedge funds had bet against drew the ire of its customers and U.S. lawmakers at a hearing on Thursday. They accused it of doing Wall Street s bidding by shielding the hedge funds from an army of amateur traders banding together on Reddit to take them on.
Analysis: Robinhood CEO s US lawmaker grilling spotlights broker s hidden risks channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
WASHINGTON: Robinhood CEO Vlad Tenev told a congressional hearing that his decision to curb buying in some stocks such as GameStop Corp during a period of extreme volatility was unavoidable, but industry experts said it only underscored the risks the popular trading app was willing to accept to expand its market share.
Robinhood s Jan. 28 restrictions on buying GameStop and other stocks that hedge funds had bet against drew the ire of its customers and US lawmakers. They accused it of doing Wall Street s bidding by shielding the hedge funds from an army of amateur traders banding together on Reddit to take them on.