Keith Gill, 34, will appear in front of the House Financial Services Committee
Committee is investigating how flood of traders drove up GameStop shares
Robinhood Chief Executive Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin CEO Gabriel Plotkin and Reddit CEO Steve Huffman will also appear
The GameStop surge resulted in massive losses for Melvin, after the hedge fund bet the retailer´s stock price would tumble
Citadel´s hedge funds, along with founder Griffin and firm partners, put $2 billion into Melvin
Republicans and Democrats were outraged that Robinhood suspended trading
Gamestop-Rallye: Youtuber Roaring Kitty gewinnt Millionen, Melvin Capital verliert Milliarden msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
GameStop shares have plunged sharply after financial services company app Robinhood restricted trading. The stock price of GameStop, a gaming chain in the US, had surged 1700 per cent in recent weeks after a Reddit group backed it strongly. US hedge funds like Melvin Capital - had bet against GameStop by short-selling its shares - meaning it stood to gain if the price went down and lose if it went up. By pushing up the price of companies like GameStop, members of Reddit group WallStreetBets put the short squeeze on hedge funds, which saw them lose more than $5 billion. Melvin Capital admitted defeat yesterday, with boss Gabe Plotkin telling CNBC that his fund had closed its position in GameStop on Tuesday - accepting huge losses. It reportedly required a huge bailout to stay afloat.
Elon Musk accuses Discord of going corporate after it bans Reddit group that is boosting Gamestop stock
WallStreetBets – a community of young retail investors - was purged from messaging service Discord after they were tied to price surges on Wednesday
Musk tweeted: Even Discord has gone corpo…
WallStreetBets Reddit page has seen millions of new members arriving in recent days after Musk posted a link to the group on Twitter, writing: Gamestonk!!
But such are the fears over the viral investing, Joe Biden s White House staff are monitoring the situation - as is the Securities and Exchange Commission
Robinhood on Thursday halted the ability to purchase new shares of GameStop
Also stopped purchase for AMC, Nokia, Bed Bath & Beyond, BlackBerry, Express
In some cases Robinhood sold off shares without permission from the user
The move drew outrage from Reddit users who had driven share prices up
Both parties in Congress joined the outcry, as well as Dave Portnoy and Ja Rule
Senate Banking Committee planned hearings to investigate the matter
GameStop had surged more than 1,700% percent this month in short squeeze
But shares sank 44% on Thursday after Robinhood banned buying shares
The struggling company runs a chain of video game stores across the country