According to The New York Times, after Gill invested $53,000 in GME in 2019, he started tweeting and posting videos about the stock; following the Reddit rollercoaster last month his initial financial investment is now worth around $48 million.
The Senate Committee on Banking likewise prepares to hold a hearing into the “present state of the stock market.” The House hearing, which has the catchy title “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” will stream live on its site beginning at 12PM ET on February 18th.
Reddit CEO Steve Huffman, Robinhood co-CEO Vlad Tenev, and Keith Gill (aka Roaring Kitty) are all on the witness list for an approaching hearing prior to the House Financial Services Committee, according to a release from Chairwoman Maxine Waters (D-CA). The hearing, to be conducted practically, will penetrate the recent volatility in shares of GameStop following a rally fueled by a group of day traders active on the r/WallStreetBets Reddit board.
Over a two-week duration that began last month, GameStops stock (GME) escalated by 500 percent, hitting a high of $483 on January 28th. Numerous federal government entities are now looking into whether there was market manipulation involved, and whether Robinhood and other brokerages that temporarily limited trading of GME were in compliance with federal policies.