The protagonist of the 'GameStop' incident made testimony: I am not a cat Review Game-Tech
In the past few weeks, an unprecedented event has happened in the stock markets of the United States. GameStop, one of the video game vendors, gained huge support on the internet after the decline in stock values. Internet users, who challenged the stock market leaders, held a major operation in the stock market, valuing GameStop’s shares by almost 2,000%.
All these events started in a community on Reddit called WallStreetBets. A Reddit user named Keith Gill had become the face of small investors challenging the Wall Street giants. Today, the user, known as the face of events, was in front of congress and made an interesting statement.
He has been accused of manipulating the stock market:
The 34-year-old user, who previously designed financial education materials for insurance company MassMutual, testified before Congress. The user said, “A few things I am not: I am not a cat. I am not an institutional investor. I am not a hedge fund. “
The user of Reddit considered the idea that he manipulated the stock market as ‘ unreasonable ‘. Expressing that his posts did not cause millions of dollars to be transferred to GameStop shares, Gill said that it was tragic that some people lost money and were upset about this issue.
Robinhood and Reddit CEOs also testified at the congress:
Vlad Tenev, CEO of Robinhood, who banned transactions during these events, stated that the restrictions were applied to meet the requirements. Reddit CEO Steve Huffman’s described the WallStreetBets community as “high-risk, high-earning investments”, but also as a community with “substantial depth” where members “love” each other.
The CEO of the giant platform added that he saw the strength of the community a few weeks ago through the incident. While it is not yet known where the manipulation case will lead, Gill is accused of misrepresenting himself as an amateur investor and manipulating the market for personal profit.