Davey Day Trader saved his pebbles.
Outspoken social media personality Dave Portnoy tweeted Tuesday that he sold his shares in the GameStop and AMC companies at a big loss, blaming the trading app Robinhood for killing the so-called “Reddit Rally” that he attended and helped promote for the past few weeks.
“I have officially sold all my meme shares. I lost 700,000. Portnoy tweeted and then took a personal shot at the Robinhood CEO. “Vlad and his company stole it from me and should be in prison.”
Portnoy’s sale comes as the manic trading blitz that sent cheap stocks like GameStop and AMC to scandalous new heights fueled by retailers using Reddit and Robinhood seems to falter.
The social media personality has also been relentless in its criticism of the free trading app after it made last week’s controversial decision to limit the amount of GameStop and other “meme” shares that users could buy on Thursday.
He tweeted last week, “I will burn down @RobinhoodApp if they stop trading in the free market,” almost immediately after the app put limits on popular stocks.
Robinhood eventually gave in somewhat to the restrictions, but shares in GameStop are down more than 50 percent since Thursday and AMC is down nearly 30 percent.
The founder of Barstool Sports, who became a popular stock trading hero during the pandemic, went ballistic on Robinhood to keep Regular Joes from holding up the pressure on Wall Street shorts, accusing the company of partnering with billionaire investors to get the fat protect cats from the little boys.
Portnoy went so far as to say that Robinhood executives should be jailed along with hedge fund billionaires Ken Griffin and Steve Cohen.
Cohen responded to Portnoy’s provocations on Twitter, sparking a colorful debate that eventually saw Cohen leave the platform after Portnoy’s allies began threatening him and his family.