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 before taking 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 to outrageous new heights — fueled by retail traders using Reddit and Robinhood — hits shakey ground. GameStop shares are down more 50 percent Tuesday. The price of silver has also retreated Tuesday and theater chain AMC’s shares are down more than 40 percent.
Portnoy — the founder of Barstool Sports who become a stock-trading folk hero during the pandemic — has 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.
Billionaire Mark Cuban also weighed in on Tuesday by suggesting that the selling may be premature — assuming trading limits are lifted.
During a live interview on a Reddit forum, the owner of the Dallas Mavericks basketball team said GameStop shares are artificially depressed due to Robinhood’s buying restrictions. The stock could pop once investors are allowed to start buying again, he added.
“When [Robinhood] shut it down, then cut it back, lets put aside why, they cut of the greatest source of demand,” he posted in response to a question about why GameStop stock was plunging. “They created a RobinHood Dive.”
WallStreetBets users seized on Cuban’s comments with one posting “Mr Cuban has spoken!! GME to the f–king moon!!”