Davey Day Trader has rescued its stems.
Dave Portnoy, unprecedented social media personality tweeted on tuesday which has sold its shares in GameStop and AMC companies at a significant loss, blaming the trading app Robinhood for killing the so-called “Reddit Rally” it joined and helped promote in recent weeks.
“I have officially sold all my meme values. I lost 700,000 ish. “Portnoy tweeted, making a personal shot at the CEO of Robinhood.” Vlad and company stole it from me and should be in jail. “
The Portnoy sale comes when it seems to be shaken by the manic commercial bombing that sent cheap stocks like GameStop and AMC to outrageous new heights fueled by retailers using Reddit and Robinhood.
The social media personality has also been relentless in its criticism of the no-commission trading app after last week’s controversial decision to limit the amount of GameStop and other “memes” users could buy on Thursday.
Last week he tweeted, “I’ll burn @RobinhoodApp on the ground if they close the free trade market,” almost immediately after the app put limits on popular actions.
Robinhood finally gave in a bit to its restrictions, but GameStop shares have fallen more than 50% since Thursday, and AMC has fallen nearly 30%.
The founder of Barstool Sports, who became a popular stock market hero during the pandemic, said Robinhood prevented Regular Joes from keeping up pressure on Wall Street shorts, accusing the company of conspiring with multimillion-dollar investors to protect fat cats little boys.
Portnoy went so 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 leave the platform after Portnoy’s allies began threatening him and his family.