Home Finance Employees Scrambled to Keep Robinhood Afloat in January 2021 Meme-Stock Frenzy, House Report Finds

Employees Scrambled to Keep Robinhood Afloat in January 2021 Meme-Stock Frenzy, House Report Finds

by Enochadmin

Robinhood Markets struggled to deal with big volumes of inventory buying and selling and sparred with its principal buyer, market maker Citadel Securities, throughout the week in January 2021 when meme shares exploded, in line with a report from the Democratic workers of the Home Monetary Companies Committee.

The committee held hearings in February 2021, questioning the chief executives of Robinhood and Citadel Securities, in addition to meme-stock hero Keith Gill and Gabe Plotkin, the hedge-fund supervisor who misplaced billions betting in opposition to GameStop and different scorching shares. The workers reviewed tens of 1000’s of pages of inner paperwork, together with pointed communications inside and between the businesses.

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