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Rep. Maxine Waters, the chairwoman of the House Financial Services Committee, told Cheddar TV that Robinhood Co-CEO Vladimir Tenev and Keith Gill, the investor who popularized the GameStop trade on Reddit, will testify later this month.
Waters, who said the hearing will be “educational,” said she also hopes a hedge-fund representative will attend. The Feb. 18 hearing is called “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”
Tenev and Gill have been the two individuals most associated with the rise and subsequent fall in GameStop GME, +2.68%, the videogames retailer. The bandanna-wearing Gill, who uses an unprintable handle on Reddit and goes by “Roaring Kitty” on YouTube, has been building a position in GameStop since the summer of 2019. See this WSJ profile of Gill.
The rally in GameStop, which was fueled by a squeeze of hedge funds betting against the company, started to subside after Robinhood, as well as other brokerages, limited the ability for investors to buy stocks and options in the company. The brokerage has raised billions from its backers to meet increased margin requirements.
Treasury Secretary Janet Yellen is leading a meeting on Thursday to discuss financial market volatility in wake of the frenzy.
GameStop shares rose nearly 4% in premarket action, after a relatively subdued 3% rise on Wednesday.
