Dave Portnoy Dumps GameStop and AMC Stock for Big Loss


Dave Portnoy Dumps GameStop and AMC Stock for Big Loss

The Barstool Sports founder is starting a war with Robinhood.

Barstool Dave Portnoy (from live video)

Investor Dave Portnoy is hopping mad about the whole GameStop controversy and wants revenge. He is one of the big losers from the whole Robinhood app debacle. The day trader and founder of Barstool Sports just unloaded all of his GameStop and AMC stock for a $700,000 loss.

Robinhood blocked purchases of GameStop, AMC, and other stocks which soared because of a campaign conducted by the r/WallStreetBets subreddit. Critics charge that such actions were only taken to protect the big funds and investors who had shorted hose companies.

Founded in 2003 in Milton, Massachusetts, Barstool Sports is a digital media company that produces content focused on sports and pop-culture.

Portnoy tweeted, “I have officially sold all my meme stocks. I lost 700k ish.”

And he added a direct shot at Vlad Tenev the CEO of Robinhood saying, “Vlad and company stole it from me and should be in jail.”

Last week he tweeted, “I will burn @RobinhoodApp to the ground if they shut down free market trading.”

David Portnoy spoke about this whole imbroglio with CNN’s Chris Cuomo He said that this story “Is beyond business… The story went viral, the GamesStop stock went viral….”

Portnoy explained that he got e mails from everyday people who had nothing to do with the stock market. All the people who invested just to get in on the trend, he explained, lost their money because RobinHood stopped it. “People who weren’t used to the stock market and people who weren’t expecting it to go down that way [lost money] so it became a much bigger story because it involved everybody, not just traders.”

David Portnoy also had a message for the “elites.” Explaining that his main message has not changed, Portnoy was highly critical of investors like Elon Musk and Steve Cohen. He pointed out that such outcry only comes when the big rich investors lose money and not when it’s the little guy.

In other David Portnoy news the investor has stepped in to save a family owned Italian restaurant in Connecticut. Jacqueline Kelsey, owner of “La Vita” restaurant, told Fox News that Portnoy contacted her on FaceTime to say that his “The Barstool Fund” would make a one-year commitment to their business.

Kelsey’s daughter Alexina who manages the restaurant had applied for help from the fund last December out of desperation. The business was in danger of closing having already cut down from a staff of 36 to only 7.

The Barstool Fund helps small businesses that are hurting because of the Coronavirus pandemic. It accepts small donations from anyone and has so far raised more than $34 million and lists more than 212,000 supporters. It also sells shirts to raise money for the fund.

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