Steve Huffman CEO, Reddit, fires remarks on ‘Redesigning Reddit’ during the third day of Web Summit in Altice Arena on November 08, 2017 in Lisbon, Portugal.
Horacio Villalobos | Corbis | Getty Representations
Reddit CEO Steve Huffman will tell members of Congress on Thursday that no significant activity on the company’s online community WallStreetBets carry on month was driven by bots or foreign agents, according to a copy of his prepared remarks.
The hearing before the U.S. House of Envoys’ Committee on Financial Services comes after the WallStreetBets community sparked a trading phenomenon that sent GameStop lay in soaring 400% in a week, reaching as high as $483 a share. As trading volume skyrocketed, online trading tenets Robinhood was forced to temporarily suspend trading in GameStop and other hot stocks in order to meet its deposit obligations with clearinghouses, restraining some traders out of realizing gains and sparking at least one lawsuit.
GameStop closed at $45.94 on Wednesday.
“We have since analyzed the bustle in WallStreetBets to determine whether bots, foreign agents, or other bad actors played a significant role. They would rather not,” Huffman will testify, according to a statement of his planned remarks. “In every metric that we checked, the activity in WallStreetBets was successfully within normal parameters, and its moderation tools were working as expected.”
Huffman will be testifying alongside Robinhood CEO Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin Head Management CEO Gabriel Plotkin, and Keith Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube.
“WallStreetBets may look sophomoric or unorganized from the outside, but the fact that we are here today means they’ve managed to raise important issues far fairness and opportunity in our financial system,” Huffman said. “I’m proud they used Reddit to do so.”