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US Congress Will Hold Hearings On GameStop Stock Controversy

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The GameStop stock chaos has caught the attention of the US Congress, who have called for a hearing. There's no information as to when the hearing will take place or even what could possibly spawn as a result of it at the moment.

Earlier this week, GameStop stocks skyrocketed from double digits to triple digits. The shares have been rapidly growing since the start of the year when they were about $20 a share; earlier today, they almost reached $500. This is a result of WallStreetBets, a now infamous subreddit who have basically artificially inflated the stock. The move has rattled the cages of hedge fund investors on Wall Street who are doing everything they can to fight back. Congress plans to evaluate the situation as brokers like Robinhood have thrown the market for a loop, causing stocks to plummet.

As it becomes more and more clear that the market is stacked against the average American, people in positions of power are stepping up to fix it. “American workers have known for years the Wall Street system is broken – they’ve been paying the price,” Sen. Sherrod Brown, the incoming committee chairman wrote in a statement (via Engadget). “It’s time for the SEC and Congress to make the economy work for everyone not just Wall Street.”

Brown wasn't the only one to step up to the plate. The likes of AOC are taking Wall Street and Robinhood to task as well as Rep. Maxine Waters. “As a first step in reining in these abusive practices, I will convene a hearing to examine the recent activity around GameStop (GME) stock and other impacted stocks with a focus on short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors,” said Waters in a statement.

GameStop is currently sitting around $300 a share at the moment after tanking to $126 in the morning. Many are hoping the stock will continue to rise before the end of Friday, leading to a potential massive payout. Of course, there's always potential for a massive surprise. After what Robinhood did, no one is ruling anything out at the moment and tensions are high. Discord also threw everyone for a much smaller loop when it took down the server for the WallStreetBets subreddit for offensive behavior. Thankfully, the server came back and Discord even vowed to help moderate it.
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