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cnbc said that Reddit CEO Steve Huffman will tell members of Congress on Thursday that no significant activity on the company’s online community WallStreetBets last month was driven by bots or foreign agents, according to a copy of his prepared remarks.
The hearing before the U.S. House of Representatives’ Committee on Financial Services comes after the WallStreetBets community sparked a trading phenomenon that sent GameStop stock soaring 400% in a week, reaching as high as $483 a share. As trading volume skyrocketed, online trading platform Robinhood was forced to temporarily suspend trading in GameStop and other hot stocks in order to meet its deposit obligations with clearinghouses, locking some traders out of realizing gains and sparking at least one lawsuit.
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