Consequently, the Reddit group shocked the Wall Street giants who have long manipulated the stock market. Nevertheless, Robinhood — U.S. based trading platform suddenly imposed restrictions on trading in GameStop and AMC shares while the stocks were leading a rally. Shortly afterward, the GME stock plunged 40% and resulted in heavy losses to bulls.
In return, several app users launched a 1-star rating campaign on Google Play Store against Robinhood. Moreover, traders filed lawsuits against the company for advantaging hedge funds over WallStreetBets traders.
However, Gill highly profited from the GameStop Frenzy. He published a Reddit picture on Friday that showed his GME holdings standing at $48 million in value. The GameStop stock closed at $325 on the same day.
Reddit CEO, Robinhood CEO, and Keith Gill to testify in hearing
The WallStreetBets vs Wall Street titans raised many questions on the future of the stock market. Therefore, the House of Financial Services Committee scheduled a hearing with Reddit CEO Steve Huffman, Robinhood CEO Vlad Tenev, and Keith Gill.
