US Representative Maxine Waters, Chair of the House Financial Services Committee, the division 2 reddit wants to learn more about the explosion of the GameStop bubble that has captured our attention over the past two weeks. To achieve this, she invited some of the central characters in real-life drama, including Robinhood founder and CEO Vladimir Tenev and top Reddit investor Keith “DeepFuckingValue” Gill, to testify before Congress. .
“This audience will be educational. It will be a learning experience for everyone,” Waters said in an interview with Cheddar. “We’re going to have all the players – we’ll have Robinhood [CEO] Vladimir Tenev, I think that’s his name, we’ll have him there. We will have a young man from Reddit, his name is Keith Gill, who basically started this mania. “
It looks like the testimony will at least partially focus on the role Robinhood, a trading app for individual investors, has played as a whole. The app is popular with users of the WallStreetBets subreddit which helped push GameStop’s price to a high of $ 483 last week (after starting the year under $ 20), but it sparked the all the rage on Jan. 28 by placing limits on purchases of GameStop shares. Some users have speculated that he was trying to lower GameStop’s price at the behest of its hedge fund investors, though he said in a subsequent blog post that the restrictions were necessary to stay in compliance. SEC regulations.
“We understand what is being said about Robinhood and why it did what it did in terms of restricting purchases,” Waters continued. “We understand that hedge funds have lost a lot of money. Understand that shorting is a big deal and a big talk. But what a lot of people didn’t know was the short squeeze, and so we are going. learn a lot. “
From a Reddit perspective, however, Gill is the big pony of this show. He is a Chartered Financial Analyst, formerly employed at Massachusetts Mutual Life Insurance, which posts on WallStreetBets and its own subdirectory under the name DeepFuckingValue and also has a dedicated YouTube channel for equity tracking and investment research called Roaring. Kitty.
He’s also widely credited with starting the race on GameStop: A January Reuters report that revealed his true identity said he “helped attract a flood of retail liquidity into GameStop, burning down hedge funds that had bet against the company and disrupting the wider market.
Later in the interview with Cheddar, Waters said Gill had no real commitment to appear before Congress at this point. “I have it on my list to be present. I have it on my list,” she said. “They haven’t confirmed my entire list yet, but I want to.”
She also wants someone from GameStop to show up, even though the company at the heart of it all was largely a spectator: “It’s interesting to know and understand, when you have companies that are now at a disadvantage to. because of the digital age, what they and how they are trying to turn it around, and I understand that they are working to turn it around, and that there is a real possibility that they can be successful in this area. So I want them here too. “
Some users in the WallStreetBets subdirectory are still waiting for their GameStop actions, but the thrill now seems to be well and truly over: After peaking at $ 483 last week, the stock closed today at $ 53.50 .