Davey Day Trader has bailed out on his stonks.
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, going on to take 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 like GameStop and AMC to outrageous new heights fueled by retail traders using Reddit and Robinhood appears to falter.
The social media personality has also been unrelenting in his criticism of the no-fee trading app after it made the controversial decision last week to limit the amount of GameStop and other “meme stocks” that users could buy on Thursday.
He last week tweeted: “I will burn @RobinhoodApp to the ground if they shut down free market trading,” almost immediately after the app put limits on the popular stocks.
Robinhood eventually relented somewhat on its restrictions, but shares in GameStop are down more than 50 percent since Thursday, and AMC is down almost 30 percent.
The founder of Barstool Sports, who become a stock-trading folk hero during the pandemic, went ballistic on Robinhood for preventing Regular Joes from keeping up the pressure on Wall Street shorts, accusing the company of conspiring with billionaire investors to protect the fat cats from the little guys.
Portnoy went as far as to say that Robinhood executives should be jailed alongside hedge fund billionaires Ken Griffin and Steve Cohen.
Cohen responded to Portnoy’s provocations on Twitter, sparking a colorful debate that caused Cohen to eventually leave the platform after Portnoy’s allies began to threaten him and his family.
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