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February 2, 2021 02:03 am

Robinhood CEO To Testify Before Maxine Waters' Panel On GameStop

The CEO of online stock brokerage Robinhood is expected to testify before a House committee on Feb. 18 as lawmakers dig into the firm's role in the tumultuous trading of GameStop stock and other companies, people familiar with the matter said. Politico reports: The hearing before the House Financial Services Committee with Robinhood CEO Vlad Tenev, which has not been formally announced, is primed to be a blockbuster. Share prices of GameStop and other struggling companies skyrocketed last week in part thanks to traders on the social media website Reddit targeting Wall Street hedge funds, which were betting heavily that the stock price would fall. Some of the investors betting against the companies subsequently suffered huge losses.[...]"I am concerned about whether or not Robinhood restricted the trading because there was collusion between Robinhood and some of the hedge funds that were involved with this," Waters said on MSNBC this weekend. It was not clear if Democrats would ask other financial institutions to testify. Democratic lawmakers are also examining the role of firms owned by billionaire Ken Griffin. The two companies -- the hedge fund Citadel and trading firm Citadel Securities -- denied responsibility for any broker's decision to suspend trading. Citadel bailed out a hedge fund that suffered from GameStop's stock increase and Citadel Securities pays Robinhood to execute its stock trades.

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