Dave Portnoy Loses '700K-ish' After Selling 'Meme Stocks'

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by Tyler Durden
Tuesday, Feb 02, 2021 - 04:52 PM

Update (1642 ET): After the bell, Portnoy provided an update on his AMC, NOC, and NAKD positions. He said he bought them at the "absolute high" and sold them at the "exact bottom." In total, he said losses amounted to $700k, something we noted earlier. 

Portnoy said people are calling him a Wall Street "suit" - his response: "I may be a pussy, but I'm def not a suit."

With some pent up anger after losing $700k on his "meme stocks," Portnoy continues to bash Robinhood's CEO Vlad Tenev.

Refinitiv's US Most Shorted tumbled again today. 

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Tuesday morning carnage in the heavily-shorted r/WallStreetBets squeeze-trades has resulted in Barstool's Dave Portnoy losing around $700k.

Portnoy tweeted around 1000 ET, "I have officially sold all my meme stocks. I lost 700k ish. Vlad and company stole it from me and should be in jail." 

GameStop (GME) is crashing back to double-digit price levels...

The most-shorted basket is rapidly erasing all its gains...

Led by KOSS, GME, and AMC...

Before the cash session opened, Portnoy recorded a video that outlined how "the meme stocks are getting very expensive." He said he has three r/WallStreetBets stocks. The first is NAKD, where is down 30% from where he bought it (-$63k today). The second is NOK, where he's down -29% (-$12k from where he bought it), and AMC, where he's down $100k from where he bought it. Today alone, Portnoy said he down $-172k in these three stocks. Portnoy added that he never owned GME. 

"So I sold AMC when it was down 37%. All time low. At some point, all my other stocks are doing well - I'm not just gonna sit here and take a dick in the face," he said. 

Around the 17 minute mark of the video, Portnoy blames the whole trading debacle on Robinhood's CEO Vlad Tenev and the hedge funds they sell order flow.