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The GameStop testimonies: Key quotes

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Feb 17 (Reuters) - Ahead of a grilling by lawmakers over thefrenzied trading in retailer GameStop, Melvin CapitalManagement Chief Executive Gabriel Plotkin, Robinhood MarketsCEO Vladimir Tenev and Keith Gill, a YouTube streamer known asRoaring Kitty, laid out their defense.

Here are key quotes from the testimonies https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207of the players involved and here is a link https://www.reuters.com/article/retail-trading-congress-profiles/the-wall-street-players-at-the-gamestop-hearing-idUSL1N2KK0EZto biographies of some of them.

KEITH GILL:

"I’m as bullish as I’ve ever been on a potential turnaround.In short, I like the stock."

"I grew up playing videogames and shopping at GameStop... Iknew the company had an opportunity to reinvigorate thisbusiness.

"The investment I made was risky, but I was confident in myanalysis, and I was willing to accept the loss if I was provenwrong. My timing was far from perfect, and many of the optionscontracts I purchased expired worthless because GameStop’s stockprice remained depressed longer than I expected.

"I’ve been asked why I decided to share my investment ideason social media. My investment skills had reached a level whereI felt sharing them publicly could help others."

"Ultimately my GameStop investment was a success... I was sohappy to visit my family in Brockton for the holidays and givethem the great news – we were millionaires."

GABRIEL PLOTKIN, FOUNDER, MELVIN CAPITAL MANAGEMENT:

"We had been short GameStop since Melvin’s inception sixyears earlier because we believed and still believe that itsbusiness model – selling new and used video games in physicalstores – is being overtaken by digital downloads through theinternet."

"In January 2021, a group on Reddit began to make postsabout Melvin’s specific investments... Many of these posts werelaced with antisemitic slurs directed at me and others... Otherssent similarly profane and racist text messages to me."

"When this frenzy began, Melvin started closing out itsposition in GameStop at a loss, not because our investmentthesis had changed but because something unprecedented washappening. We also reduced many other Melvin positions atsignificant losses – both long and short – that were the subjectof similar posts.

"Investors in Melvin suffered significant losses. It is nowour job to earn it back."

VLADIMIR TENEV, ROBINHOOD

"In the face of ... unprecedented volatility and volume...Robinhood Securities placed temporary restrictions on certainsecurities to facilitate compliance with clearinghouse depositrequirements, thereby allowing Robinhood to continue to serveour customers and comply with all trading regulations.

"The action we took was for one reason and one reason only:to allow us to continue to meet our regulatory depositrequirements."(Compiled by Megan Davies; Editing by David Gregorio)