Wall Street hedge fund managers, the chief executives of Robinhood and Reddit and a YouTube streamer known as Roaring Kitty on Wednesday defended their roles in GameStop's Reddit-fuelled stock rally before they face a grilling by lawmakers.
Vladimir Tenev, CEO of online brokerage Robinhood, wrote in his testimony that the decision to halt buying was solely due to the need to meet regulatory capital requirements. Keith Gill, who touted his GameStop investment for months on his Roaring Kitty YouTube channel and Reddit, insisted his position was solely based on publicly known fundamentals of the business and it was"preposterous" to suggest he sought to entice unwitting investors to buy shares.
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