Posted on 02/02/2021 11:02:31 AM PST by nickcarraway
Outspoken social media personality Dave Portnoy tweeted Tuesday that he has sold his shares in companies GameStop and AMC at a major loss, blaming trading app Robinhood for killing the so-called “Reddit Rally” that he joined and helped promote in recent weeks.
“I have officially sold all my meme stocks. I lost 700k ish,” Portnoy tweeted before taking a personal shot at the CEO of Robinhood. “Vlad and company stole it from me and should be in jail.”
Portnoy’s selling comes as the manic trading blitz that sent cheap stocks to outrageous new heights — fueled by retail traders using Reddit and Robinhood — hits shakey ground. GameStop shares are down more 50 percent Tuesday. The price of silver has also retreated Tuesday and theater chain AMC’s shares are down more than 40 percent.
(Excerpt) Read more at nypost.com ...
If anyone paid more than $20-30 per share to buy in to this fun, they were not very smart. It should have been considered entertainment money. Losing $700K indicates a ridiculously high by in price.
Schlitz? Milwaukee's Best?
If so, it is going to be a dark winter for you - even in summer.
I think several breweries are sharing the one hop they have. Try to find out who dips the hop in the tank first.
good time Davey's got the blues...
Why? Perhaps he bought high and now it's lower.
I don’t know if you were being sarcastic or not.
Portnoy was not short, he was long. He is claiming here that when Robinhood and other “common man” brokerages locked their clients out of opening new long positions it was an artificial interference in the markets. If you can sell but not buy unless you are a big investor, of course the prices will crater! And thus, he took a loss.
Martha Stewart got inside information from the CEO of a drug company and traded on that information. Totally different animals. (and what she did was not only illegal, but stupid and asinine because she was already very wealthy and stood to lose a relatively small amount compared to her worth and the lifetime value of her brand at the time).
I agree. See my post above. I don’t think Portnoy is that foolish. I think he’s got a bigger plan and intentionally got in late and intentionally booked the losses.
Unfortunately, Patrick Byrne got caught up in that alleged Russian Honeytrap operation (Maria Butina) which the left used as evidence that the Russians were infiltrating the GOP. So to the mainstream media, he won’t get any play. But if Portnoy is in this for some bigger principled reason, he should connect privately with Byrne.
Last week he said he was $200,000 down. Should have sold then. He said he invested 2 million & was prepared to lose it.
And the short sellers make their money back..
If I take one sip of Pabst Blue Ribbon I immediately get heartburn. I don’t know who gave them the blue ribbon. Maybe the people at Pepto Bismol.
More evidence that he’s got bigger plans. He’s pretty rich, cashed in big on his barstool sports platform.
1893 was a long time ago...I wonder what the actual Pabst tasted like then?
I think you are misreading it. He closed a $450 million deal to sell half his company. I think he knew exactly what he was doing. Besides, he could use the write-off.
Instead of cheap beer, brew your own. It is cheaper than retail and better quality.
His big loss proves he DIDN'T know what he doing. He got in very late. What an idiot! RobinHood restricting accounts to only close positions should not have effected him not in the least if he was in $50/share. There was plenty of time for him to get out with a profit... UNLESS HE GOT IN WAY, WAY TOO HIGH. IDIOT!@
I think it tasted great in the fifties when I would steal a sip of my dad’s.
And I’m betting that this isn’t over. That there could be a reason he did what he did. And maybe, Robinhood will be signing some fatass checks in the near future. Who knows? And time will tell.
Lies? You really have no idea about this story do you. One of the biggest events in the markets since the Covid scare.
I’d bet he made the classic noob trader mistake.
Buys 1000 shares @50. Stock goes up to $150. “Wow, look at all that money.” Greed sets in. Buys 5000 shares at $150. Goes up to $300. More greed + “I’m a trading genius”, buys 10,000 @$300.
Market falls hard.
Ramping up volume instead of decreasing volume in a hyperbolic, out of control market. FATAL MISTAKE.
Look it up.
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