Robinhood, Citadel CEOs face tough questions during hearing on GameStop stock surge | HIGHLIGHTS
CA, 19 Feb 2021
U.S. lawmakers faced off with some of the key players in the GameStop saga which saw wild swings in the stock price of the video game retailer last month and exposed conflicts in the market's structure which can hurt unsophisticated investors.
Robinhood CEO Vlad Tenev defended the trading platform against allegations that restrictions it put in place disadvantaged smaller investors in favour of big hedge funds.
Keith Gill, a small investor who made a big profit on his GameStop trades, denied that his online comments caused unsophisticated investors to make risky investments.
Citadel CEO Ken Griffin also urged a regulatory shake-up to help public stock exchanges recapture a larger share of market activity, responding to a question on the trend towards off-exchange trading.
At the end of the meeting, Waters announced two new hearings related to the GameStop trading frenzy.
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