Steve Huffman CEO, Reddit, delivers remarks on ‘Redesigning Reddit’ at some stage in the third day of Net Summit in Altice Arena on November 08, 2017 in Lisbon, Portugal.
Horacio Villalobos | Corbis | Getty Photography
Reddit CEO Steve Huffman will repeat members of Congress on Thursday that no major exercise on the company’s on-line community WallStreetBets final month used to be driven by bots or international brokers, based fully on a duplicate of his ready remarks.
The hearing sooner than the U.S. House of Representatives’ Committee on Monetary Products and services comes after the WallStreetBets community sparked a buying and selling phenomenon that despatched GameStop stock hovering 400% in per week, reaching as high as $483 a bit. As buying and selling volume skyrocketed, on-line buying and selling platform Robinhood used to be forced to like a flash hunch buying and selling in GameStop and other hot stocks in repeat to meet its deposit obligations with clearinghouses, locking some traders out of realizing beneficial properties and sparking no decrease than one lawsuit.
GameStop closed at $45.94 on Wednesday.
“We have since analyzed the exercise in WallStreetBets to envision whether or no longer bots, international brokers, or other rotten actors completed a valuable role. They’ve no longer,” Huffman will testify, based fully on a statement of his deliberate remarks. “In every metric that we checked, the exercise in WallStreetBets used to be properly interior popular parameters, and its moderation instruments had been working as anticipated.”
Huffman will be testifying alongside Robinhood CEO Vlad Tenev, Castle CEO Kenneth Griffin, Melvin Capital Management CEO Gabriel Plotkin, and Keith Gill, who goes by DeepF——Price on Reddit and Roaring Kitty on YouTube.
“WallStreetBets might possibly possibly possibly well furthermore honest belief sophomoric or chaotic from the outside, but the true fact that we’re here nowadays capability they’ve managed to raise crucial components about equity and opportunity in our monetary gadget,” Huffman stated. “I’m proud they popular Reddit to enact so.”