GameStop tumbles 11% to its lowest level in nearly a month amid Congressional hearing

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Shares of GameStop slipped as much as 11% on Thursday to their lowest level since January 21 amidst a Congressional hearing on the Reddit-fuelled drama.

On Thursday, the House Financial Services Committee held a hearing on January’s short-squeeze drama, calling on the main players at the centre of the saga to testify. The virtual hearing, titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” was led by the Chairwoman of the House Committee on Financial Services, Maxine Waters.

Chief executives from Robinhood, Citadel, Melvin Capital Management, and Reddit testified, as well as famed Wall Street Bets member Keith Gill, also known as Roaring Kitty.

Interactive Brokers Group Chairman and founder Thomas Peterffy on Wednesday said the country’s financial markets came “dangerously close” to collapsing during the GameStop frenzy.

“We have come dangerously close to the collapse of the entire system and the public seems to be completely unaware of that, including Congress and the regulators,” Peterffy told CNBC.

Shares of GameStop traded at $US40.93 at 3:58PM E.T. on Thursday.