What’s going on with GameStop?
The Hustle

What’s going on with GameStop?

Congress will grill the heads of Robinhood, Citadel, Reddit, and one of the most prominent Reddit traders about the GameStop events.

Well, if you’re somehow completely new to the GameStop story, read this.

The video game retailer — which became the battleground for investors (from r/WallStreetBets day traders to hedge funds) — has seen its stock price plummet from a high of $483 down to $46 in a few weeks.

Congress has questions

And, tomorrow at 12pm EST, the US House Committee will hold a livestream hearing with many of the players involved, including:

Separately, Gill was hit with a lawsuit for securities fraud in Massachusetts on Tuesday. The charge: that he misrepresented himself as an amateur (when, in fact, he was a chartered financial analyst) while touting $GME.

The purpose of the hearing…

… is to talk about the “recent market volatility involving GameStop stock and other stocks” and — per Investopedia — will touch on these topics:

Absent from the hearing… anyone from the actual company GameStop because… it’s 2021, and meme stocks are often not even about the company.

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