Feb 12, 2021 - Economy

Reddit, Robinhood and Citadel CEOs to testify at GameStop hearing next week

Photo of Rep. Maxine Waters, masked at a podium during a hearing

Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, at a hearing in December. Photo: Getty Images

Executives at the center of the GameStop trading saga — including from Reddit and Robinhood, plus hedge funds Melvin Capital and Citadel — will testify before Congress next week, the House Financial Services committee announced on Friday.

Why it matters: The virtual hearing is the first since the fallout of the Reddit stock trading frenzy that pushed stocks like GameStop and AMC Entertainment to meteoric heights — and the first time some of these executives will speak publicly about it.

Who's testifying:

  • Vlad Tenev, Robinhood CEO
  • Steve Huffman, Reddit CEO
  • Ken Griffin, Citadel CEO (and owner of Citadel Securities, the market-maker that operates separately from the hedge fund)
  • Gabe Plotkin, Melvin Capital Management CEO
  • Keith Gill, r/WallStreetBets investor (better known as "Roaring Kitty" or "DeepF---kingValue")

Worth noting: The committee said "additional witnesses may be announced."

The bottom line: The trading mania has fizzled, but it still has the attention of Congress and regulators.

What's next: The hearing — titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide” — is scheduled for next Thursday, starting at 12 pm E.T.

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