Executives at the center of the GameStop trading saga, including Reddit and Robinhood, as well as hedge funds Melvin Capital and Citadel, will testify before Congress next week, the House Financial Services committee announced Friday.
Why it’s important: The virtual audience is the first since the fall 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.
Who declares:
- Vlad Tenev, CEO of Robinhood
- Steve Huffman, CEO of Reddit
- Ken Griffin, CEO of Citadel (and owner of Citadel Securities, the market maker that operates separately from the hedge fund)
- Without Plotkin, CEO of Melvin Capital Management
- Keith Gill, r / WallStreetBets investor (better known as “Roaring Kitty” or “DeepF — kingValue”)
It should be noted: The committee said “additional witnesses may be announced.”
The conclusion: The trade craze has faded, but it still has the attention of Congress and regulators.
That follows: The hearing, entitled “Stopped game? Who wins and loses when short sellers, social media and retail investors collide” – is scheduled for next Thursday, from 12 noon ET