Not Exactly News – Barstool Sports President Dave Portnoy, one of the most public advocates for the Robinhood, Wall Street, Gamestop and AMC “Meme Stock Scandal” lost $700,000 in meme stocks.
Is it real news?
While the purpose of the stock market is to buy low and sell high and to make sound investments based on company profits, future potential and a host of other factors and market indicators, a group of day trading retail investors on Reddit coordinate a stock buy of several stocks including Game Stop, Nokia and AMC theaters to take advantage of a short sell by Wall Street hedge funds. Portnoy, who claims he was part of that effort invested an undisclosed amount of money.
When the retail stock trading apps placed a halt on purchasing stocks, Portnoy claimed “the system is rigged” and lashed out at Robinhood, a popular retail stock trading app. He told investors to hold their investments and to not be intimidated by the “suits”.
Eventually, Portnoy sold his shares and claims he lost $700,000 “ish” in the venture. That decision turned his social media fortune as some referred to him as “Suitnoy”.
I have officially sold all my meme stocks. I lost 700k ish. Vlad and company stole it from me and should be in jail. pic.twitter.com/qXP1N1UFil
— Dave Portnoy (@stoolpresidente) February 2, 2021
Verdict: 100% Exactly News
From all admissions by Portnoy, yes, he did lose $700,000 in meme stocks.