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GameStop saga continues
The House Financial Services Committee is inspecting how people from Reddit were able to send GameStop to unprecedented highs, squeezing hedge funds like Melvin Capital that had bet against a ‘meme’ stock.
Executives from Robinhood, Melvin Capital and Citadel Securities will testify before a House panel at a February 18. They were at the center of all the stock fuss, that’s why they got into the top of the witness list for the hearing.
Robinhood is a popular retail trading platform, which was blamed for suspending trading in GameStop and other viral stocks. Citadel Securities is a main source of revenue for Robinhood: 20% of all US stocks volume and 39% of all US-listed retail volume. Citadel claimed it “has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business.”
Melvin Capital was completely damaged by the GameStop increase. The hedge fund bet the ‘meme’ stock would drop, but, as you may know, that forecast was wrong. Melvin started the year with $12.5 billion in assets but lost over a half of that capital in January as retail traders ganged up on hedge funds like Melvin.
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