Robinhood and Reddit will testify before the US House Financial Services Committee over stock's volatility spike initiated by Reddit traders, Reuters reports.
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The CEOs of Robinhood, Citadel, Reddit, Melvin Capital, and a Reddit user "Roaring Kitty," who, according to The New York Times, played a main role in the market turmoil, will testify before the committee on February 18 at 12 pm ET. As part of this hearing, the committee intends to find out what role the online broker Robinhood played during the recent events.
iHodl earlier reported that a free-stock trading app Robinhood restricted trading in GameStop (GME) and other stocks as their prices faced anomaly shy-high volatility surge. Later, Robinhood said it had also restricted transactions for several securities to position closing only.
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