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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.

Go deeper

Feb 10, 2021 - Podcasts

Victoria Grace of Queen's Gambit Growth Capital on the SPAC boom

The most significant stock market story of 2021 isn’t the one about Robinhood and Reddit; it’s the story of SPACs — those blank-check acquisition companies that are multiplying like Gremlins after a midnight snack.

Axios Re:Cap talks with Victoria Grace, CEO of a $300 million SPAC called Queen's Gambit Growth Capital, about how SPACs work, why there are so many and whether the trend is a bubble.

38 mins ago - Health

Pfizer-BioNTech: Booster doses more effective at blocking Omicron

Prepared doses of the BioNtech-Pfizer Covid-19 coronavirus vaccine in Germany on Dec. 7. Photo: Thomas Kienzle/AFP via Getty Images

Pfizer and BioNTech said Wednesday that two doses of their COVID-19 vaccine were significantly less effective at neutralizing the Omicron variant in early lab tests, but a three-dose regimen was more effective.

Why it matters: Omicron, which has been labeled a variant of concern by the World Health Organization after being identified by scientists in South Africa last month, has forced vaccine makers to reassess the effectiveness of their vaccines against this specific new form of coronavirus.

Mike Allen, author of AM
44 mins ago - Politics & Policy

Biden unveils "Building a Better America" branding

President Biden speaks on infrastructure while visiting a bridge in Woodstock, N.H., last month. Photo: John Tully/Getty Images

President Biden today launched a new website and unveiled bold new branding as part of a nationwide tour to sell the benefits of his infrastructure package.

Why it matters: The White House says passage of the new law shows the ability to "forge bipartisan consensus and prove our democracy can deliver big wins" even in these toxic times.