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Robinhood chief executive Vlad Tenev is expected to be subpoenaed to testify before the US parliamentary committee, Politico said.
The founder of the company is of Bulgarian origin. He is also named the first Bulgarian billionaire.
He is likely to testify on the large-scale action against Wall Street last week. Later, a group of investors came together to save the game company GameStop.
Young and small investors began to buy shares in the company, despite the forecasts of large investors to lower their prices. Thus, stocks jumped big and generated returns for small investors, while large hedge funds lost huge sums.
Robinhood’s request later restricted the sale of the company’s shares. This has generated accusations that this is how large investors have been served, limiting the actions of small ones.
Tenev explained that the decision was not made under pressure from companies or investors, but to protect the company’s clients. He is expected to testify on February 18 on possible corporate influence over the app.
The activities of Ken Griffin’s companies and how they acted during the share offering are also analyzed. Tenev’s company did not comment on the potential audience.
U.S
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