USA TODAY
For one shining moment in January, it looked as if the stock trading app and retail brokerage Robinhood had lived up to its namesake – the rabble-rousing outlaw of English folklore.
In the hands of a merry band of Reddit traders, Robinhood helped to bring a group of short-selling hedge funds to their knees and many people cheered – delighted to see wealth stripped from a few members of the billionaire class after decades in which wealth has been increasingly consolidated in the hands of the very few. Our customers have shown the world that investing is for everyone, Robinhood said on its website, not just institutional investors and hedge funds.
Following the ordeal that was the GameStop (GME) stock short squeeze, it was clear that there would likely be legal repercussions for some of the big players involved. Now, some of those involved will answer to congress. Today, both Robinhood and Reddit’s CEOs will testify before the House Financial Services Committee on GameStop’s (GME) stock.
Watch Robinhood & Reddit CEOs testify on GameStop (GME) stock before Congress here
Robinhood CEO Vlad Tenev, Reddit co-founder and CEO Steve Huffman, and other executives will testify before the House Financial Services Committee today.
The entire hearing will be streamed live on YouTube thanks to the Washington Post. If you’d prefer to stay here, you can watch the hearing on Shacknews using the embed above.
GameStop: Brockton s Keith Gill testifies to Congress about $GME stock enterprisenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from enterprisenews.com Daily Mail and Mail on Sunday newspapers.
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Here’s what to expect as Robinhood, Reddit CEOs testify before Congress
Some of the biggest players in last month’s GameStop trading frenzy will face a congressional hearing Thursday as the House Financial Services Committee looks into whether market manipulation was involved. The chief executives of Reddit, Robinhood, electronic-trading firm Citadel Securities and hedge fund Melvin Capital will attend. Also at the hearing will be the investor who spearheaded the GameStop buying frenzy on the r/WallStreetBets Reddit forum, Keith Gill. Despite the uproar, there likely won’t be significant legislation following the hearing, experts say. “But there could be some rulemaking that comes out of this from the re