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Keith Gill, who is also known as the YouTube star Roaring Kitty, has been called to testify by the House Financial Services Committee with regards to GameStop’s sudden shares surge.
Four other personalities are also set to appear as witnesses. Based on the announcement that was released last weekend by Representative Maxine, Robinhood chief executive officer Vlad Tenev, Reddit’s CEO Steve Huffman, Citadel’s chief Kenneth Griffin, and Melvin Capital Management’s head Gabriel Plotkin was also on the list and called to testify in the upcoming hearing.
The inquiry on GameStop’s shares
A virtual hearing has been scheduled to find out how GameStop's shares skyrocketed in value after several Reddit day traders have joined forces. The committee for the American video game, consumer electronics, and gaming merchandise retailer’s case is headed by Maxine Waters, and she has released the list of witnesses to give light on the occurrence.
As per Reuters, Roaring Kitty, a known YouTube streamer, was included in the list because he also helped drive a surge of interest in the most extensive gaming retailer. He will testify before a U.S. House panel on Feb. 18 together with four other hedge fund managers.
The House Financial Services Committee is currently investigating how and why there was a sudden rush of retail trading directed at GameStop. It was unusual because the shares were driven to enormous highs and crushing hedge fund groups such as the Melvin Capital that had bet against it.
The virtual hearing has been called “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide," and it was set to take place this Thursday at 12 p.m. the proceedings will be live-streamed.
"We are working with the House Financial Services Committee and plan to testify," Reddit's Huffman stated after being listed to testify. Plotkin of Melvin’s also accepted the invitation to give evidence.
Why Roaring Kitty is included as a witness
New York Times reported that Keith Gill played a major role in GameStop’s surprising market value growth. Roaring Kitty tweeted and made videos about GameStop throughout 2020 after investing $53,000 in the company.
As a result, many of the Reddit traders who saw his videos and social media posts rallied behind him. This caused GameStop’s stock market to soar and led to huge losses for the hedge funds that bet against the gaming retailer. Today, it was said that Roaring Kitty’s investment has ballooned to $48 million.
