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Barstool Sports founder Dave Portnoy directed his rage over commercial drama GameStop and Robinhood at billionaire New York Mets owner Steve Cohen on Twitter Thursday about his hedge fund’s role in the rescue of Melvin Capital, the one of the first near-implosions, linked to the commercial frenzy in selecting stocks.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 193.60 | -153.91 | -44.29% |
Cohen Point72 Asset Management’s hedge fund on Tuesday invested $ 750 million in Melvin Capital alongside Citadel’s $ 2 billion bailout, which is headed by fellow billionaire Ken Griffin.
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Cohen took to Twitter to strike back, saying, “Restless crowd on Twitter tonight. Hey, the jockeys keep bringing it.
Portnoy, following Robinhood’s new trade restrictions on Thursday, cited Cohen’s post questioning its connection to the “madness” of the day.
In another Tweet criticizing the trading app, Portnoy called out Cohen again for his hedge fund’s involvement, this time demanding “Prison or bust”.
But Cohen responded this time by saying, “Hey Dave, what’s your problem with me. I’m just trying to make a living like you. Glad to take this offline. “
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Portnoy retaliated, accusing Cohen of being involved in “today’s criminal events”.
“I don’t do offline. This is where the trouble happens. You bailed out Melvin because you’re a boy with Citadel. I think you played an important role in today’s criminal events to save hedge funds at the expense of ordinary people. Do you deny it unequivocally?
Cohen clearly denied the accusation. “If I want to make an additional investment with someone, it’s my right if it’s in the best interests of my investors.”
“Relax.”
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The back and forth continued but Cohen attempted to defuse the situation, telling Portnoy that he is “a trader like you” and that it is “reasonable” for brokers to make a statement regarding the new trading restrictions. .
Cohen continued to offer more explanation to which Portnoy replied, “At least you talk and try to answer. It’s appreciated.”
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| SCHW | CHARLES SCHWAB | 53.74 | +0.45 | + 0.84% |
Robinhood, TD Ameritrade, which is owned by Charles Schwab, and other online applications restricted trading on Thursday, respectively, following an unexpected increase in the stock trading volume of not only GameStop but AMC. Entertainment, Bed Bath & Beyond, BlackBerry and others.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.63 | -11.27 | -56.63% |
| BB | BLACKBERRY LIMITED | 14.65 | -10.45 | -41.63% |
| BBBY | BED BATH & BEYOND INC. | 33.64 | -19.25 | -36.40% |
ROBINHOOD RESTRICTS THE TRADING OF CERTAIN STOCKS
The company said on a Thursday that it “limited trading for certain securities to closing positions only, including $ AAL, $ AMC, $ BB, $ BBY, $ CTRM, $ EXPR, $ GME, $ KOSS, $ NAKD, $ NOK., $ SNDL, $ TR and $ TRVG ”and“ increased margin requirements for certain securities ”.
Audrey Conklin of Fox Business contributed to this report.
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