Hedge fund billionaire convicted insider trader Leon Cooperman lashes out at “ people trading their COVID checks at home ” on GameStop, saying rally “ will end badly ”
- Leon Cooperman lashed out at small investors fueling the rise in GameStop stock
- The billionaire hedge fund manager weighed in on the controversy over CNBC
- Cooperman blamed people who exchanged their incentive checks
Billionaire hedge fund manager Leon Cooperman has lashed out at small investors who fueled GameStop’s stock surge, warning that the rally will “ end badly. ”
The CEO of Omega Advisors, who was convicted of insider trading in 2016, weighed in on the controversy in an interview with CNBC, where he blamed the current state of the stock market for near-zero government-imposed interest rates.
“The reason the market does what it does is people sit at home, get their checks from the government, and basically trade with no commissions and no interest rates,” he said.
Leon Cooperman lashed out at small investors fueling the GameStop stock surge during an interview with CNBC Thursday
The CEO of Omega Advisors was convicted of insider trading in 2016 and has a reported net worth of $ 3.2 billion
‘I’m not saying they’re stupid. Consistently show me a man with a good track record, and I’ll show you a smart man. ‘
The 77-year-old is not among the hedge fund managers struggling with losses from the wave, but went on to warn that the situation would eventually “end badly” as “water seeks its own level.”
‘I’m not judging them. I’m just saying from my experience that this will end in tears, ‘he added.
Cooperman, who has an estimated net worth of $ 3.2 billion, is an outspoken critic of the Democrats’ proposed policies to tax the rich, and also claims that the rich are not paying their “fair share.”
The idea seemed to strike a nerve again during Thursday’s interview, where Cooperman claimed a way to punish the wealthy.
Robinhood issued a warning Thursday morning to users who owned GameStop that they could sell the stock but not buy it. Other users saw the message ‘This stock is not supported on Robinhood’
Cooperman’s on-air meltdown quickly went viral with users making fun of the billionaire
‘This fair share is a bulls ** t concept. It’s just a way of attacking rich people, and I think it’s inappropriate, ”he said. “We all have to work together and work together.”
Despite being highly critical of a predominantly liberal policy, Cooperman admitted that he voted for Biden because he voted “based on my values, not my wallet.”
Clips from Cooperman’s on-air meltdown quickly landed on social media where users had no choice but to revel in the billionaire’s disdain.
The interview drew comparisons to Cooperman’s feud with Senator Elizabeth Warren when she launched a campaign against Wall Street in 2019.
Cooperman had called the presidential candidate’s proposal to impose a new tax on the richest people in the country a plan to “punish success” and said her ideas “made no sense.”
In a subsequent CNBC interview, Cooperman was shocked when he became emotional while complaining that Warren painted billionaires as “ deadbeats, ” in a clip that later went viral.
Cooperman rose to fame during a 2019 CNBC interview when he complained that Senator Elizabeth Warren painted billionaires as ‘deadbeats’