How Robinhood ended up in Washington's crosshairs
CNN
This was supposed to be the year Robinhood turned the page on its troubles and launched a massive IPO. And then GameStop mania happened.
Robinhood ignited a firestorm last month when the free trading app suspended purchases of GameStop (GME), AMC (AMC) and other stocks that were sent to the moon by an army of traders on Reddit. Now Robinhood boss Vlad Tenev is getting hauled before Congress -- something that was definitely not in the 2021 game plan. At Thursday's virtual hearing, held by House Financial Services Committee, Robinhood will be forced to defend its controversial trading restrictions and the startup's relationship with the empire of billionaire Ken Griffin, who is also scheduled to testify.
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You don’t get labeled the “Oracle of Omaha” for nothing.