Reddit’s ‘Roaring Kitty’ Will Speak at GameStop Hearing
A young day trader who went by screen name Roaring kitty And found itself at the center of the GameStop stock trading frenzy, will make its first public appearance at a congressional hearing on Thursday.
The trader, Keith Gill, was on the panel’s list released Friday, which will appear before the House Committee on Financial Services as it examines the circumstances surrounding wild spikes in the prices of Gametop and other so-called meme shares.
Mr. Gill is the only non-CEO to appear at the event, titled “Game Stopped?” Who wins and loses when short sellers, social media and retail investors collide. “
There will be other people testifying that day Vlad TenevChief executive of online broker Robinhood; Kenneth C., chief executive of the trading firm Citadel. Griffin; Gab Plotkin, chief executive of hedge fund Melvin Capital Management; And Steve Huffman, chief executive of social media company Reddit.
As long as Mr. Gill remains in oblivion He was out As the person behind the roaring kitty last month. Under that screen name, Mr. Gill shot dozens of videos from his home in Massachusetts promoting Gametop stock.
He created a large holding of GameStop’s shares and became a hero among the online crowd gathered on Reddit to talk about the stock. But support him Attracted attention From regulators in his home state.
Many of these traders bought and sold stock on the Robinhood Trading App. But Robinhood and other brokers effectively blocked GameStop’s trading on their platforms as the stock became the highest Actively traded On Wall Street, it was priced at 1,700 percent in January.
Spike caused huge losses for hedge funds that placed big bets against Gametop. Melvin lost 53 percent in January., Said a person familiar with the matter, and had to ask for billions of dollars from other hedge funds, including the citadel, to live.
Robinhood’s decision to block trading Defame Your Customers and attracted bipartisan censure, with Unexpected combination Representative Alexandria Ocasio-Cortez and Senator Ted Cruz agreed to the issue.
Robin Hood Raised $ 3.4 billion in five days To ensure that it has enough money to cover trading on its platforms. Nevertheless, the platform limited trading of GameStop and other so-called meme stocks, such as AMC Entertainment, for days.