The House Financial Services Committee is calling several witnesses in a hearing Thursday, including individual investor Keith Gill, to find out what happened during the retail-investor-led run-up of GameStop Corp.
The committee said the run-up raises questions about brokerage buying restrictions, payment for order flow, existing rules for shorting stocks, and anti-market-manipulation laws in the social-media era.
Here’s what you need to know about the witnesses:
Keith Gill, 34, lives outside Boston and acquired big positions in GameStop stock and options. As the pseudonymous “DeepF—ingValue” on Reddit’s WallStreetBets forum, he inspired many GameStop traders.
Gabe Plotkin, 42, is the founder of hedge fund Melvin Capital Management LP and protégé of trader Steve Cohen of Point72 Asset Management LP. Melvin was one of the hottest hedge funds around—until it lost billions in January from bets against GameStop and other stocks. Point72, hedge fund Citadel LLC and Citadel partners invested $2.75 billion in Melvin in January as its losses mounted.