News

#Dave Portnoy rage-tweets at Robinhood over blocked stocks

#Dave Portnoy rage-tweets at Robinhood over blocked stocks

Barstool Sports boss Dave Portnoy blasted Robinhood for restricting trading on GameStop, AMC and other stocks — saying he will “burn” the stock-trading app “to the ground.”

Robinhood on Thursday joined Charles Schwab and TD Ameritrade in clamping down on GameStop and other shares due to volatility. While Robinhood users were allowed to close their positions out, they weren’t allowed to buy more.

Accordingly, users who tried to purchase shares were greeted with messages such as “This stock is not supported on Robinhood.”

Alarmed, Portnoy took to Twitter, ranting, “I will burn @RobinhoodApp to the ground if they shut down free market trading.”

In an “emergency press conference” that Portnoy posted on Twitter early Thursday afternoon, Portnoy went on to blast big hedge fund billionaires like Ken Griffin of Citadel Investments, whose firm processes orders for Robinhood.

“They’ve got their mansions and everything else — It’s ok for them to risk money,” Portnoy fumed.

Dave Portnoy blasted Robinhood on Twitter for restricting GameStop, AMC, Nokia and other stocks.
Dave Portnoy blasted Robinhood on Twitter for restricting GameStop, AMC, Nokia and other stocks.
Slaven Vlasic/Getty Images

Robinhood, meanwhile, is “saying, ‘Hey, hedge funds are gettin’ smoked, billionaires are gettin smoked, so we’re no longer gonna let you trade on certain stocks… so all our hedge-fund billionaire friends can get out and not get killed.”

Portnoy added that Robinhood is claiming that it is “protecting its users from over leveraging and gettin burned,” but that somehow it’s okay when “hedgefunds do the same exact thing.”

The exec also called for the founders of Robinhood to “go to prison.”

Early Thursday afternoon, GameStop shares, which had gained as much as 39 percent in early trading to touch an intraday high of $483, plummeted 24 percent at $264.01.

Meanwhile, AMC shares dropped 55 percent to $9 after opening at $11.98, well below Wednesday’s close of $19.90.

Wednesday’s run up was fueled by an unruly crowd of rookie investors on chat forums like Reddit, which targeted a host of languishing stocks, like GameStop, AMC, Bed Bath & Beyond and Blackberry.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our News category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!