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

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Robinhood Markets struggled to deal with large volumes of inventory buying and selling and sparred with its principal buyer, market maker Citadel Securities, through the week in January 2021 when meme shares exploded, based on a report from the Democratic employees 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 towards GameStop and different scorching shares. The employees reviewed tens of 1000’s of pages of inner paperwork, together with pointed communications inside and between the businesses.

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