Robinhood CEO Vlad Tenev on Jan. 29 pushed back against the “conspiracy theory” that hedge funds prompted the mobile brokerage company’s decision to restrict users from purchasing shares in GameStop. Members of Congress have in recent days called for an investigation into whether there was collusion by hedge funds and platforms like Robinhood, after purchases of hot stocks like GameStop, KOSS, and AMC were restricted by various platforms. Shares of video game retailer GameStop Corp. have soared 1,625 percent since the start of January. Driving the rally are individual investors, many whom have been at home for the last 10 months because of pandemic-related lockdowns. Many have turned to online forums like WallStreetBets on Reddit and are buying the stocks, some as a form of protest against what they see as unscrupulous behavior by hedge funds. Tenev on Friday described the assertion that there was collusion by hedge funds and …
Robinhood CEO Denies ‘Conspiracy Theory’ That Hedge Funds Pushed GameStop Trading Halt
February 1, 2021
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