U.S. lawmakers are set to question a trader named Keith Gill and the chief executives of Reddit and Robinhood about their roles in the GameStop frenzy at a congressional hearing later this week. But some have another concern: whether China is involved.
Several Republican lawmakers on the House Financial Services Committee plan to examine Reddit’s ties to Chinese tech conglomerate Tencent and Robinhood rival Moomoo, according to a Politico report. Moomoo is a wholly owned subsidiary of Futu Holdings, which is also backed by Tencent.
These Republicans are reportedly concerned about possible manipulation by the Chinese companies in the inflating of GameStop’s stock through the trading app Robinhood and some Reddit day traders.
It is unclear from the report why these lawmakers want to investigate these Chinese companies and what specific questions they plan to ask during the hearing, which takes place Thursday, according to the announcement by Rep. Maxine Waters, (D-Calif.), who chairs