Jay Jangid (@jayjaangid)
4 months ago

The House Financial Services Committee has reported the arrangement for its GameStop hearing one week from now. The panel will hear declaration from Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Citadel CEO Kenneth Griffin and Reddit client Keith Gill, Rep. Maxine Waters declared Friday evening.

The virtual hearing, called "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide," will happen Feb. 18 at 12 p.m. ET. Here's the place where to watch it.

More observers might be called, Waters, the director of the House Financial Services Committee, said Friday.

"We'll have the youngster from Reddit, his name is Keith Gill, who fundamentally began this craziness," Waters said on Feb. 3 while declaring the consultation. "We will ensure that we're not favoring one side."

The consultation comes after Reddit's WallStreetBets people group united together and utilized Robinhood and other monetary administrations applications to push GameStop stocks 14,000% higher throughout the most recent couple of months after Wall Street multifaceted investments wager against those offers.

Robinhood at that point restricted trading of GameStop stock citing "market instability," however after a claim looking for class-activity status was immediately recorded against Robinhood was documented in New York. Robinhood changed course later the exact day, reestablishing "restricted purchases of these protections."