Robinhood CEO Vlad Tenev on Thursday defended the online brokerage app's actions during the recent Reddit rally in shares of GameStop, saying: "Robinhood Securities put the restrictions in place in an effort to meet increased regulatory deposit requirements, not to help hedge funds.
We don't answer to hedge funds.
We serve the millions of small investors who use our platform every day to invest."
The head of trading app Robinhood and Wall Street hedge fund managers on Thursday fielded a barrage of questions in the U.S. Congress about their role in the GameStop trading frenzy, at times being cut off by irate lawmakers. This report produced by Lisa Bernhard.
During a Democratic-led House finance hearing, Congressman Sean Casten grilled Vlad Tenev, the CEO of online brokerage app Robinhood, citing an incident where one of its customers took his own life after believing he incurred a large loss using the free trading app.