Congress Wants GameStop’s Reddit Investor to Testify Before Them?

The famed Reddit investor, Keith Gill, who has been heavily involved in the GameStop stock tale, has been asked to testify before Congress. It is said that US Representative Maxine Waters has also invited Robinhood CEO Vladimir Tenev to the hearing alongside the Redditor.

The motive behind calling the cult hero, Gill and Tenev to the meeting is purely “educational.” One can expect to gain enlightenment over the recent mayhem surrounding GameStop’s stock.

Talking about the hearing, the Chair of the House Financial Services Committee, Maxine Waters, said,

“It’s going to be a learning experience for everybody.”

Chair of the House Financial Services Committee, Maxine Waters

She continued,

“We are going to have all the players—we will have Robinhood [CEO] Vladimir Tenev, I think is his name, we’ll have him there. We’ll have a young man there from Reddit, his name is Keith Gill, who basically started this mania.”

Chair of the House Financial Services Committee, Maxine Waters

One can expect the testimony to revolve around Robinhood’s role played in the financial drama. The trading app for investors helped massively to increase GameStop’s price to $483.

When this movement gained momentum, Robinhood shockingly placed restrictions on GameStop shares. This led to disgruntlement among gamers and investors. It is believed that Robinhood, to favor hedge fund investors, played down the hype covering GameStop.

Although, the trading company explained that the restrictions were imposed by keeping the SEC regulations in mind. Else, the investing app would’ve been in violation of them.

Waters added,

“We understand what’s being said about Robinhood and why it did what it did in terms of limiting the buying,”

“We understand that the hedge funds have lost a lot of money. We understand that the shorting is a big issue, and a big conversation. But what a lot of people didn’t know about is the short squeeze, and so we’re going to learn an awful lot.”

Chair of the House Financial Services Committee, Maxine Waters

If you are thinking that Keith Gill is some Redditor who lives in his mother’s basement and plays games for a living then you’re incorrect.

He is a chartered financial analyst who worked at Massachusetts Mutual Life Insurance. The man also runs a YouTube channel that covers stock market and investment research called Roaring Kitty.

As of now, the Redditor Keith Gill has not accepted Waters’ proposal to attest before Congress.

She said,

“I have him on my list to be present. I have him on my list. They have not confirmed all of my list yet, but I want him.”

Chair of the House Financial Services Committee, Maxine Waters

Also, if you are thinking of investing in GameStop’s shares after reading this article, then don’t. After reaching the soaring heights at $483 last week, the stocks have plummeted to $53.50. The fun ride now, unfortunately, has kicked the bucket.

About GameStop

GameStop Corp. is an American video game retailer that sells gaming merchandise like game titles, consoles, and accessories, etc., through digital and physical formats. It is a Fortune 500 company and owns over 5,000 stores in various countries.