Posted on 02/02/2021 11:02:31 AM PST by nickcarraway
“Some will win, some will lose,
Some are born to sing the blues ...”
Surely he knew the inflated price had to come down at some point. It was up to him to craft the proper exit strategy.
I think he knew what he was doing, and did it for bigger reasons than the $700,000. I don’t think he got in it to make a buck, I think he got in it as a sign of support for the flash mob - which happen to be either real or at least sympathetically a big part of his company’s client base. It was shrewd on his part, even if he doesn’t intend to pursue civil litigation as I suggested above. His platform users are the reddit/WSB types. They will love him even more for taking the loss.
I doubt all of that but if true, he is a disingenuous liar.
Yes, it’s a real Journey.
Anyone who got involved with Gamestop should have been using funds that they gamble with and expect to lose.
More like someone who thought he could use innocents as useful idiots to make a kick killing for himself and got caught. BOO HOO.
Well that's possible too. But I don't think so. Perhaps a bit cynical to intentionally jump into a rally to book a loss to garner more followers of your website. I don't know the entire backstory but the phrase "recent weeks" is a little too vague. I don't know when he actually started to promote Robinhood or when he got into these stocks. He may have just thrown the money in as a show of support for his user base, which I am fairly certain are the same type of people who follow the WallStreetBets crowd. Not all of them actually put money into the game but are just sympathetic. These days, $700,000 is a pretty fair price to buy the loyalty of millions of followers and invitations to appear as a guest on TV shows.
I am curious if he actually promoted the idea of investing in these stocks. That would tell us a lot. I think his $700k loss suggests he got in late, and I don't think he is that kind of mark. Something else is at play.
What an idiot.
Don’t play stupid games.
Investing is good; gambling is for morons or people with too much money
and it had puzzles on the inside of the Bottle Cap!!
Wall Street’s White Liberal Elites don’t want snot nosed ordinary citizens playing their game... The big boys took them out - nothing’s gonna interfere with that process.
Howie Carr, the host of “The Howie Carr Show” on Boston talk radio, said the head of the Reddit group that bought Gamestop and these other stocks lives in a rented home in Wilmington, Massachusetts.
This guy made $20 million. Wow.
On another note, Wilmington, Mass. received 20 inches of snow last night and today. I doubt if this guy is shoveling his own driveway.
No kidding.
Situations like this make me glad I'm conservative all the way.
Well...ALLmost all ways.
I doubt he’s still living in that rented home. He should be summering south of the equator.
I’ve said from day one, I think a few of these WSB guys are going to get the Roger Stone treatment for violation of securities regulations.
Portnoy got in low enough to have made money when GME went to 517. Was he really so dumb as to think it would get to 1000 once Wall St. took an interest in stopping it?
Sometimes the bears win; sometimes the bulls win; but, the pigs always get slaughteted.
The whole diamond hands was aimed at trapping the first round of shorters. -Those slobs who shorted 140% of GME’s float when it’s price was under $20! Once those shorts covered and exited it was all over. New shorts took their place in the $300 range but it’s basically impossible to make money off of a $300 short position on a $10 stock. The math ain’t there.
Some WSB Reddit ‘Retards’ honestly believed they could push it above $300 and keep it there to squeeze the new shorts but they were deluding themselves. They had no other choice though due to Robinhood freezing their GWE trades to let the hedge funds cover/exit the bear trap.
At least Portnoy stayed with it until after Robinhood S@#@#$@-ed him. Criminal really. He’s got serious creds now. He ain’t going anywhere and has a more loyal following.
Simply not possible for him to have lost big if he got in weeks ago, UNLESS he kept scaling in larger and larger positions the higher it went. That’s playing Russian roulette with 3 bullets in this type of market. Almost always ends badly.
Idiotic reasoning.
You can own the stock, having bought above the final sale price.
He didn’t short it.
He owned it, having last bought higher than Robinhood forced the sales at of $118.
If you buy stock at $200 and brokers force sell your shares at half that price, you lost money?
Understand?
Wrong.
Robinhood force sold actual shares out of some people’s accounts.
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