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Barstool Sports boss Dave Portnoy blasted Robinhood for restricting trading on GameStop, AMC and other stocks — saying he will “burn” the stock-trading app “to the ground.”
Robinhood on Thursday joined Charles Schwab and TD Ameritrade in clamping down on GameStop and other shares due to volatility. While Robinhood users were allowed to close their positions out, they weren’t allowed to buy more.
Accordingly, users who tried to purchase shares were greeted with messages such as “This stock is not supported on Robinhood.”
Alarmed, Portnoy took to Twitter, ranting, “I will burn @RobinhoodApp to the ground if they shut down free market trading.”
Portnoy added that Robinhood is claiming that it is “protecting its users from over leveraging and gettin burned,” but that somehow it’s okay when “hedgefunds do the same exact thing.”
The exec also called for the founders of Robinhood to “go to prison.”
Early Thursday afternoon, GameStop shares, which had gained as much as 39 percent in early trading to touch an intraday high of $483, plummeted 24 percent at $264.01.
Meanwhile, AMC shares dropped 55 percent to $9 after opening at $11.98, well below Wednesday’s close of $19.90.
Wednesday’s run up was fueled by an unruly crowd of rookie investors on chat forums like Reddit, which targeted a host of languishing stocks, like GameStop, AMC, Bed Bath & Beyond and Blackberry.
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