Davey Day Trader saved on his stonks.
The outspoken personality on social media, Dave Portnoy tweeted on Tuesday that he sold his shares in the companies GameStop and AMC at a huge loss, and blamed the trading app Robinhood for the murder of the so-called ‘Reddit Rally’ to which he has joined and promoted in recent weeks.
‘I officially sold all my meme shares. I’ve lost 700,000 times, ‘Portnoy tweeted before taking a personal chance on the Robinhood CEO. “Vlad and his company stole it from me and would have to go to jail.”
Portnoy’s sales come as the manic trading flash that sent cheap stocks to scandalous new heights – fueled by retailers using Reddit and Robinhood – shaky. GameStop shares are down more than 50 percent on Tuesday, with the price of silver and theater chain AMC also lower.
The social media personality was also incessant in his criticism of the app without compensation, after it made the controversial decision last week to limit the amount of GameStop and other ‘meme shares’ users could buy on Thursday.
He tweeted last week: “I’ll burn @RobinhoodApp to the ground if they stop free market trading,” almost immediately after the app restricted popular stocks.
Robinhood has finally conceded somewhat on its limitations, but shares in GameStop are down more than 60 percent this week, while AMC is down more than 40 percent on the day.
The founder of Barstool Sports, who became a national hero in stocks during the pandemic, has sued Robinhood for preventing Regular Joes from sustaining pressure on Wall Street shorts, accusing the company of investing with billionaires to buy the fat cats. protect against the little guys.
Portnoy went so far as to say that managers of Robinhood should go to jail with Ken Griffin and Steve Cohen, hedging billionaires.
Cohen is responding to Portnoy’s provocations on Twitter, sparking a colorful debate that causes Cohen to eventually leave the platform amid threats to himself and his family.
Entrepreneur Mark Cuban also weighed in on Tuesday with comments that appear to portray Portnoy’s sales.
During a live interview on a Reddit forum, the owner of the Dallas Mavericks football team agrees that GameStop shares are still artificially depressed due to Robinhood’s buying restrictions. But according to him, the stock may pick up as soon as investors are allowed to start buying again.
“When [Robinhood] close it, then cut it back, let’s set aside why, they cut from the biggest source of demand, ” did he post in response to a question about why GameStop’s stock plunged. “They created a RobinHood dive.”
WallStreetBets users grabbed the Cuban comment with one post: “Mr Cuban has spoken !! GME to the f – king moon !!”
Cuban later went on CNBC where he dug up at Robinhood about his business model and lack of transparency with users.
In its latest effort to quell the outrage, Robinhood on Tuesday published a full-page ad in the New York Times, saying it was ‘humiliated’ by recent events that led to users bleeding and more than $ 3 billion in distress. funding to draw up a business model that will almost certainly be examined by Congress.