SAN FRANCISCO: Key players involved in the trading frenzy centered on GameStop shares told skeptical US lawmakers on Thursday that their actions were above board and in line with ordinary stock market business.
Founders of free stock-trading app Robinhood and online forum Reddit were among those to testify at a House of Representatives financial services committee hearing.
Unprecedented recent volatility — with moves of up to 400% for shares in the GameStop video game store — prompted calls for regulators to review the role of social media, hedge funds and trading platforms which some allege manipulate the market.
The situation has pitted Wall Street’s hedge funds, which often take “short” positions on…
