On February 19, 2021, Forbes quoted Jonathan Perlmanon Robinhood CEO's congressional testimony regarding GameStop stock. Robinhood, an e-trading platform, froze trades around GameStop stock as amateur traders short-squeezed the stock, causing turmoil in the market.
According to the article, Robinhood CEO Vladimir Tenev testified before the U.S. House Committee on Financial Services and was grilled about the company's role in GameStop's recent stock volatility.
Perlman reacted to the testimony and Tenev's written opening statement, commenting, "Kudos go to Vlad Tenev's entire team for producing a statement that did an excellent job promoting Robinhood as the leading force behind democratization of investing and banking services, including reduction of cost for such services. At the same time, the statement seriously wounded the numerous class action lawsuits filed against Robinhood with facts, as opposed to the conspiracy theories in those complaints," said Perlman.