The CEOs of Robinhood, Citadel, and Reddit are scheduled to testify before the House today in relation to the recent market volatility of GameStop, AMC, and several other companies. The hearing (titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide”) will be held by the House Financial Services Committee. Watch the hearing starting at 12pm ET.
More context: The share prices of GameStop, AMC, and others have experienced historic levels of volatility over the last two months, due in part to “short squeezes” that were initially popularized in the Reddit forum “r/WallStreetBets.” The ongoing volatility (along with restrictions implemented by brokerage firms) has drawn significant attention from the media, investors, and regulators.
The New Paper
This story is from the February 18, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.
