Robinhood, Citadel reject conspiracies they halted ‘Meme’ trades

Robinhood Markets and Citadel used its congressional testimony to push back against conspiracy theories about how it handled the GameStop saga. – AFP

Robinhood Markets and Citadel, central players in the GameStop Corp. saga that gripped markets last month, are using congressional testimony to push back against conspiracy theories circulating in Washington that they coordinated to restrict retail investors from adding to their bets.

Robinhood Chief Executive Officer Vlad Tenev said in written testimony for a Thursday House Financial Services Committee hearing that the brokerage halted trades to meet demands from its clearinghouse. Claims it sought to help hedge funds are "absolutely false and market-distorting rhetoric, ” he said.