In a contentious hearing last week, Rep. Sean Casten called the Robinhood helpline and played the company's 12-second message that ends in a hang-up
Tenev was challenged by lawmakers, who asked how returns would compare if users had invested their money differently.
Gill's current stake in GameStop is worth about $5.5 million between his stock and call options as of Friday.
Robinhood CEO Vlad Tenev said the assets of his platform’s users have collectively grown by more than $US35 billion. Tenev was challenged on this point by lawmakers, who asked how that would compare if users invested their money differently. The CEO on Thursday defended the platform he founded in 2013 […]
Former SEC chair Jay Clayton told CNBC the GameStop trading frenzy was not a pump-and-dump scheme. Clayton said social media investors including “Roaring Kitty” were “very transparent about what they were doing.” Sign up here for our daily newsletter, 10 Things Before the Opening Bell . Former SEC chairman Jay […]
Billionaire Leon Cooperman said the idea of Reddit traders targeting the wealthy is “all baloney.” The investor said market ethics have been weakening for a long time and the rules need to be followed. “The last thing we need is Elizabeth Warren or Bernie Sanders or AOC getting involved in […]
Jay Clayton told CNBC that social-media investors were "very transparent about what they were doing" when buying GameStop stock.
"The last thing we need is Elizabeth Warren or Bernie Sanders or AOC getting involved in setting policy," Cooperman said.
Shares of GameStop slipped as much as 11% on Thursday to their lowest level since January 21. On Thursday, the House Financial Services Committee held a hearing on January’s episode, hearing testimonies from the main players at the centre of the GameStop drama. The stock price hit an intraday low […]
Robinhood’s CEO said the trading platform doesn’t monitor social media discussions about the stock market. The GameStop frenzy was largely fuelled by social media sites like Reddit. The Nasdaq monitors social media in order to spot market manipulation. Visit the Business section of Insider for more stories. Robinhood CEO Vladimir […]
During the GameStop hearing, Rep. Casten called Robinhood's unmanned helpline that returns an automated message before hanging up.
GameStop shares fell 11% in Thursday trades as numerous individuals at the center of the Reddit-fueled drama testified before Congress.
"When tweets, social media posts, do more to move the market than material legitimate information, the risk is enormous," Rep. David Scott said.
Gill noted his position is "based on the fundamentals," and that he mostly didn't expect shares to hit their record high of $483.