Dave Portnoy, founder of Barstool Sports, says he is ‘encouraged’ by those who donated to the cause, adding that ‘I hope this is just the beginning’.
Barstool Sports founder Dave Portnoy called venture capitalist Chris Sacca “an idiot” after Sacca shared “a hard little truth” for new investors.
“For everyone who entered the stock market this year, I have a little hard truth for you,” tweeted Sacca, who has a net worth of $ 1.2 billion. “You’re not really good at that. You just caught a bull market. Get some money off the table.”
Portnoy, who took over day trading this year and saw some positive results, told FOX Business that “he never heard of Chris Sacca”, but added: “He looks like a sour loser and an idiot”.
BARSTOOL’S DAVE PORTNOY INCREASES 2.6 M TO 6 SMALL COMPANIES – AND COUNTING
The sports media figure broadcasts his daily trading sessions on Twitter live to give his followers a glimpse of his successes and failures, while launching positions worth hundreds of thousands of dollars.
Dennis Gartman, chairman of the Akron University Funds Committee and former editor of the Gartman Letter, had previously criticized Portnoy in a June 26 article for FOX Business.
DAVE PORTNOY DE BARSTOOL LEADS THE ARMY OF NEW TRADERS IN THE VALUE MARKET
“Portnoy and his legion are having their proverbial day in the sun. But eventually, that sun will set, or eventually, darker clouds will eclipse that sun. You can count on that as a fact,” wrote Gartman. “Soon the music these ‘investors’ dance will stop or become atonal; soon he and they will find that investing is a very, very difficult job.”
Portnoy, L and Sacca, R.
The same day, Portnoy wrote an article for FOX Business contesting Gartman’s claims.
“[Gartman] finds it unfair for me to lead an army of day traders who treat stocks like a game and make it difficult for Wall Street veterans to navigate, “wrote Portnoy.” Gartman was furious because, for the first time in history, retail investors, or the ‘retail brothers’, as they call them, don’t need them to invest our money for us. “
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He continued: “I have as much experience in this trading environment as they do. And perhaps the very fact that I am not overwhelmed by their history has allowed me to see this market as it is, even though they have failed miserably.”
Nearly 800,000 people opened new accounts at the three largest online brokers in March and April amid COVID-19 blockades, according to the Financial Times. This wave of new accounts breathed life into an industry that was dead.
Jonathan Garber of FOX Business contributed to this report.