The widely awaited first congressional hearing on GameStop took place Thursday, and it was nowhere near as climactic as expected. True, most — though not all — representatives quickly agreed on the villain: Vlad Tenev, CEO of Robinhood, the platform many of the investors in the game retailer used to run the stock up from low double digits to more than $500, before it plunged back to earth. Of course, Tenev apologized in the semi-groveling, semi-self-aggrandizing way typical at these hearings, promising to do better in the future — but it wasn’t clear what exactly needed to change. When asked point blank by Rep. Madeleine Dean (D-Pa.) what “mistakes” he specifically made, he couldn’t answer.
Olsen: Robinhood takes its turn in the congressional hot seat
February 22, 2021