{"id":35731,"date":"2021-02-02T15:09:53","date_gmt":"2021-02-02T13:09:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=35731"},"modified":"2025-08-29T02:44:44","modified_gmt":"2025-08-28T23:44:44","slug":"robinhood-chief-executive-to-testify-before-u-s-congress","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/robinhood-chief-executive-to-testify-before-u-s-congress\/","title":{"rendered":"Robinhood chief executive to testify before U.S. Congress"},"content":{"rendered":"<p>The U.S. House Financial Services Committee will examine the actions of Robinhood, a crypto-friendly platform, during the GameStop stock rally, Politico reports, citing sources familiar with the matter.<\/p>\n<p><!--more--><\/p>\n<p>According to them, testimony on February 18 will be given by Vlad Tenev, co-founder and chief executive of the company.<\/p>\n<p>On February 2, Congresswoman Maxine Waters announced the hearing in the committee. She did not indicate whether a Robinhood representative would testify.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 <a href=\"https:\/\/twitter.com\/hashtag\/BREAKING?src=hash&#038;ref_src=twsrc%5Etfw\">#BREAKING<\/a>: Chairwoman <a href=\"https:\/\/twitter.com\/RepMaxineWaters?ref_src=twsrc%5Etfw\">@RepMaxineWaters<\/a> Announces <a href=\"https:\/\/twitter.com\/hashtag\/February?src=hash&#038;ref_src=twsrc%5Etfw\">#February<\/a> Hearing on Recent Market Volatility Involving GameStop, Other Stocks | <a href=\"https:\/\/t.co\/RpXl8p9ssQ\">https:\/\/t.co\/RpXl8p9ssQ<\/a> <a href=\"https:\/\/t.co\/OE4EP1nYfd\">pic.twitter.com\/OE4EP1nYfd<\/a><\/p>\n<p>\u2014 Financial Svcs Cmte (@FSCDems) <a href=\"https:\/\/twitter.com\/FSCDems\/status\/1356379341983260672?ref_src=twsrc%5Etfw\">February 1, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Fox Business Network correspondent Charles Gasparino, citing sources inside Robinhood, said the company postponed IPO plans and focused on addressing the fallout from the scandal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">SCOOP: People inside <a href=\"https:\/\/twitter.com\/RobinhoodApp?ref_src=twsrc%5Etfw\">@RobinhoodApp<\/a> tell <a href=\"https:\/\/twitter.com\/FoxBusiness?ref_src=twsrc%5Etfw\">@FoxBusiness<\/a> plans for an IPO are on hold to focus on surviving the current drama over trading of stocks and settlement issues. Execs say they have access to even more capital than additional amounts raised today. More <a href=\"https:\/\/twitter.com\/TeamCavuto?ref_src=twsrc%5Etfw\">@TeamCavuto<\/a> 1230pm<\/p>\n<p>\u2014 Charles Gasparino (@CGasparino) <a href=\"https:\/\/twitter.com\/CGasparino\/status\/1356289306466406401?ref_src=twsrc%5Etfw\">February 1, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On January 28, Robinhood restricted trading of GameStop shares and several other assets amid their sharp rise, <a href=\"https:\/\/u1f987.com\/en\/news\/skybridge-capital-chief-calls-gamestop-stock-pump-a-positive-sign-for-bitcoin\">provoked<\/a> by members of the r\/WallStreetBets group on the Reddit platform.<\/p>\n<p>https:\/\/hub.forklog.com\/reddit-protiv-fondy-kto-pobedit\/<\/p>\n<p>The trading halt drew investor discontent. They filed <a href=\"https:\/\/u1f987.com\/en\/news\/robinhood-at-the-centre-of-the-gamestop-dogecoin-and-reddit-trader-scandal\">class action<\/a> against the service, accusing it of a \u201cwillful and deliberate\u201d deprivation of private traders\u2019 ability to invest.<\/p>\n<p>As a result of the GameStop rally, hedge fund Melvin Capital <a href=\"https:\/\/www.cnbc.com\/2021\/01\/31\/melvin-capital-lost-more-than-50percent-after-betting-against-gamestop-wsj.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">lost 53%<\/a> of capital in January. The total losses of short sellers on the company&#8217;s stock last month were estimated at <a href=\"https:\/\/www.cnbc.com\/2021\/01\/29\/gamestop-short-sellers-are-still-not-surrendering-despite-nearly-20-billion-in-losses-this-year.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">$19.75 billion<\/a>.<\/p>\n<p>The trading restrictions were explained by Tenev as a measure to protect the platform and its customers.<\/p>\n<p>The platform also disclosed raising $3.4 billion from Ribbit Capital, ICONIQ Capital, Andreessen Horowitz, Sequoia, and Index Ventures.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. House Financial Services Committee will examine the actions of the crypto-friendly Robinhood platform during the GameStop stock rally, Politico reports, citing sources familiar with the matter.<\/p>\n","protected":false},"author":1,"featured_media":35732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1243,1156,1234,26],"class_list":["post-35731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gamestop","tag-institutional-investors-and-whales","tag-robinhood","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=35731"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35731\/revisions"}],"predecessor-version":[{"id":35733,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35731\/revisions\/35733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/35732"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=35731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=35731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=35731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}