London Daily

Focus on the big picture.
Thursday, Jan 15, 2026

GameStop saga: Robinhood denies robbing poor to help rich

GameStop saga: Robinhood denies robbing poor to help rich

Key figures at the heart of the saga line up to insist there was no foul play as politicians search for weaknesses in the market.

The chief executive of Robinhood has dismissed suggestions the zero-commission trading platform tried to stop its own users profiting at the expense of hedge funds during the GameStop saga.

Vladimir Tenev was among prominent figures involved in the share trading frenzy last month to give evidence to a House of Representatives' committee investigating any possible wrongdoing and potential conflicts in the market's structure.

There was an unprecedented surge in the struggling retailer's market value when users of a forum on Reddit, who largely held accounts on Robinhood, collaborated to inflict billions of dollars of losses on hedge funds and other so-called short-sellers - those betting that the share price will fall.

The chart reflects closing daily prices during the year to date


It culminated in shares nearing $500 each at an intraday peak - from a lowly $20 - as stock options were greedily snapped up.

They were changing hands for $43 on Thursday as politicians attempted to get to the bottom of whether punters had been short changed when the price eventually crashed at the beginning of February.

A particular concern expressed before the hearing was that Robinhood, which has more than 13 million users, and some competitors had restricted and even suspended trading on the stock and shares in other companies at the height of the trend.

It drew fury at the time from prominent lawmakers, including Republican senator Ted Cruz, who accused the platforms of protecting the hedge funds at the expense of the little guy.

But Mr Tenev told the House financial services committee, in written evidence before Thursday's hearing, that the decision to halt buying was solely due to the need to meet regulatory capital requirements.

"Any allegation that Robinhood acted to help hedge funds or other special interests to the detriment of our customers is absolutely false and market-distorting rhetoric", he said.

He said of the trading restrictions: "Despite the unprecedented market conditions in January, at the end of the day, what happened is unacceptable to us.

"To our customers, I apologise, and please know we are doing everything we can to make sure this can't happen again."

His counterpart at hedge fund Citadel, and majority-owner of the company that handles the bulk of Robinhood's customer orders, denied any influence over Robinhood's decision.

Kenneth Griffin said the first he had learned of trading restrictions at Robinhood was via the news media.

One member of the committee accused him of "wasting my time" and failing to answer as he questioned the executive on whether Citadel gives better prices to certain brokerages.

Another to defend his role was a YouTuber known as Roaring Kitty, whose real name is Keith Gill.

Keith Gill, aka Roaring Kitty, is being sued by subscribers over claims he misled GameStop investors


He dismissed suggestions that he had helped coordinate the GameStop rally in some way through recommendations on his video channel.

Mr Gill, who is reported to have collected healthy profits from his holdings, insisted his pre-frenzy investment was solely based on publicly-known fundamentals of the business.

It was revealed on Wednesday that he was facing a class action lawsuit brought by investors who claim he duped them into buying options.

Mr Gill has dismissed the allegations as baseless.

He told the committee during his evidence: "I am not an institutional investor, nor am I a hedge fund.

"I do not have clients and I do not provide personalised investment advice for fees or commissions.

"I am just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis."

Newsletter

Related Articles

0:00
0:00
Close
UK Launches First-Ever ‘Town of Culture’ Competition to Celebrate Local Stories and Boost Communities
Planned Sale of Shell and Exxon’s UK Gas Assets to Viaro Energy Collapses Amid Regulatory and Market Hurdles
UK Intensifies Arctic Security Engagement as Trump’s Greenland Rhetoric Fuels Allied Concern
Meghan Markle Could Return to the UK for the First Time in Nearly Four Years If Security Is Secured
Meghan Markle Likely to Return to UK Only if Harry Secures Official Security Cover
UAE Restricts Funding for Emiratis to Study in UK Amid Fears Over Muslim Brotherhood Influence
EU Seeks ‘Farage Clause’ in Brexit Reset Talks to Safeguard Long-Term Agreement Stability
Starmer’s Push to Rally Support for Action Against Elon Musk’s X Faces Setback as Canada Shuns Ban
UK Free School Meals Expansion Faces Political and Budgetary Delays
EU Seeks ‘Farage Clause’ in Brexit Reset Talks With Britain
Germany Hit by Major Airport Strikes Disrupting European Travel
Prince Harry Seeks King Charles’ Support to Open Invictus Games on UK Return
Washington Holds Back as Britain and France Signal Willingness to Deploy Troops in Postwar Ukraine
Elon Musk Accuses UK Government of Suppressing Free Speech as X Faces Potential Ban Over AI-Generated Content
Russia Deploys Hypersonic Missile in Strike on Ukraine
OpenAI and SoftBank Commit One Billion Dollars to Energy and Data Centre Supplier
UK Prime Minister Starmer Reaffirms Support for Danish Sovereignty Over Greenland Amid U.S. Pressure
UK Support Bolsters U.S. Seizure of Russian-Flagged Tanker Marinera in Atlantic Strike on Sanctions Evasion
The Claim That Maduro’s Capture and Trial Violate International Law Is Either Legally Illiterate—or Deliberately Deceptive
UK Data Watchdog Probes Elon Musk’s X Over AI-Generated Grok Images Amid Surge in Non-Consensual Outputs
Prince Harry to Return to UK for Court Hearing Without Plans to Meet King Charles III
UK Confirms Support for US Seizure of Russian-Flagged Oil Tanker in North Atlantic
Béla Tarr, Visionary Hungarian Filmmaker, Dies at Seventy After Long Illness
UK and France Pledge Military Hubs Across Ukraine in Post-Ceasefire Security Plan
Prince Harry Poised to Regain UK Security Cover, Clearing Way for Family Visits
UK Junk Food Advertising Ban Faces Major Loophole Allowing Brand-Only Promotions
Maduro’s Arrest Without The Hague Tests International Law—and Trump’s Willingness to Break It
German Intelligence Secretly Intercepted Obama’s Air Force One Communications
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
Fake Mainstream Media Double Standard: Elon Musk Versus Mamdani
HSBC Leads 2026 Mortgage Rate Cuts as UK Lending Costs Ease
US Joint Chiefs Chairman Outlines How Operation Absolute Resolve Was Carried Out in Venezuela
Starmer Welcomes End of Maduro Era While Stressing International Law and UK Non-Involvement
Korean Beauty Turns Viral Skincare Into a Global Export Engine
UK Confirms Non-Involvement in U.S. Military Action Against Venezuela
UK Terror Watchdog Calls for Australian-Style Social Media Ban to Protect Teenagers
Iranian Protests Intensify as Another Revolutionary Guard Member Is Killed and Khamenei Blames the West
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Europe’s Luxury Sanctions Punish Russian Consumers While a Sanctions-Circumvention Industry Thrives
Berkshire’s Buffett-to-Abel Transition Tests Whether a One-Man Trust Model Can Survive as a System
Fraud in European Central Bank: Lagarde’s Hidden Pay Premium Exposes a Transparency Crisis at the European Central Bank
Trump Announces U.S. Large-Scale Strike on Venezuela, Declares President Maduro and Wife Captured
Tesla Loses EV Crown to China’s BYD After Annual Deliveries Decline in 2025
UK Manufacturing Growth Reaches 15-Month Peak as Output and Orders Improve in December
Beijing Threatened to Scrap UK–China Trade Talks After British Minister’s Taiwan Visit
Newly Released Files Reveal Tony Blair Pressured Officials Over Iraq Death Case Involving UK Soldiers
Top Stocks and Themes to Watch in 2026 as Markets Enter New Year with Fresh Momentum
No UK Curfew Ordered as Deepfake TikTok Falsely Attributes Decree to Prime Minister Starmer
Europe’s Largest Defence Groups Set to Return Nearly Five Billion Dollars to Shareholders in Twenty Twenty-Five
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
×