Excerpt:
Robinhood Markets Inc. Chief Executive Officer Vlad Tenev offered an apology for the company’s decision to temporarily curb trading in some stocks, including GameStop Corp. , on Jan. 28 amid extraordinary volatility.
“Despite the unprecedented market conditions in January, at the end of the day, what happened is unacceptable to us,” Mr. Tenev said after being questioned at a congressional hearing Thursday.
His apology came after House Financial Services Committee Chairwoman Maxine Waters (D., Calif.) interrupted the Robinhood CEO during his opening remarks. Her request was unusual as witnesses are allowed to make opening statements before taking questions from lawmakers.
Author(s): Paul Kiernan and Peter Rudegeair
Publication Date: 18 February 2021
Publication Site: Wall Street Journal