Weeks after Reddit community r/WallStreetBets shitposted GameStop stock up to more than $400 a share, the House Financial Services Committee pulled all of the major players in for questioning on Thursday.
The hearing featured:
- Robinhood CEO Vlad Tenev, whose commission-free brokerage platform made WallStreetBets’ GameStop short squeeze possible — well, until it didn’t, and the app froze all meme trading for hours, angering both the meme traders, lawmakers, and regulators, creating the conditions for our hearing today!
- Reddit CEO Steve Huffman, who, in his opening remarks, basically just explained what Reddit is, providing a dictionary-style definition of “subreddits” for lawmakers. After that, he didn’t say much else. No one was…