Watch Live: Gamestop Trader Keith Gill To Speak To Congress

Wilmington MA

18 February, 2021

11:59 AM

Description

WILMINGTON, MA — Wilmington resident Keith Gill is due to appear before congress Thursday afternoon for a hearing beginning at noon on the recent Gamestop craze. Gill, 34, is known online as RoaringKitty and another, more profane, screen name. He's recorded millions in gains on his $53,000 bet on the videogame retail company, and also faces questions from a Massachusetts securities regulator. The hearing begins at noon. In addition to Gill, the committee will hear from: "Kenneth C. Griffin, Chief Executive Officer, Citadel LLCSteve Huffman, Chief Executive Officer, Co-Founder, RedditGabriel Plotkin, Chief Executive Officer, Melvin Capital Management LPVlad Tenev, Chief Executive Officer, Robinhood Markets, Inc.Jennifer Schulp, Director of Financial Regulation Studies, Cato Institute" Robinhood is a retail brokerage app that saw huge Gamestop trading volume and Reddit is the home to the WallStreetsBet forum where Gill and others made their case for the videogame retailer's stock. Melvin Capital Management had made a large, high-profile bet against the stock and lost billions when the stock rose in value rapidly. Citadel is one of Robinhood's biggest revenue sources, through "payment for order flow," where it automatically takes the other side of retail trades. According to written testimony published by the Financial Services Committee, Gill will use his testimony to reiterate his belief in Gamestop's prospects and defend himself against charges that he broke the law in his advocacy of the stock. "I did not solicit anyone to buy or sell the stock for my own profit," Gill said. "I did not belong to any groups trying to create movements in the stock price. I never had a financial relationship with any hedge fund. I had no information about GameStop except what was public. I did not know any people inside the company, and I never spoke to any insider." Gill is facing a Massachusetts investigation into whether he violated the law by not telling his employer about his activities. He also has been hit with a class-action lawsuit accusing him of "deceitful and manipulative conduct." Christopher Huffaker can be reached at 412-265-8353 or [email protected].