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Vlad Tenev

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House GameStop Hearing Delves Into Robinhood, Reddit And WallStreetBets

Vlad Tenev Entertainment film president and

19.02.2021 - 04:09

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Vlad Tenev, founder of retail stock trading app Robinhood, told a House Committee on Thursday that “the financial system should be open to everyone,” including frenzied buyers of GameStop and AMC Entertainment whipped up by a Reddit chatroom.He apologized profusely that a funding rule had forced the app to subsequently block share purchases – a temporary restriction that was a focus of the five-hour hearing today.

The stocks fell and some Robinhood users lost their shirts.Tenev was testifying before the House Financial Services Committee alongside the CEO of a hedge fund that made a killing on GameStop (Kenneth Griffin, Citadel LLC) and another that lost big in a short squeeze (Gabriel Plotkin, Melvin Capital).

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