Barstool Sports President and Founder Dave Portnoy on investing in AMC after losing $ 700,000 as a result of squeeze trades, Jeff Bezos stepping down as CEO of Amazon and whether or not to attend the Super Bowl.
Dave Portnoy bought back AMC shares after losing $ 700,000 following tightening negotiations.
Barstool Sports president and founder told FOX Business on Wednesday that he got rid of all the heavily shorted shares on Tuesday, but bought back some of the film company’s shares because he “saw AMC leaving the scene “.
“I put $ 700,000 in AMC this morning,” he told Stuart Varney in “Varney and Co.” and added that he has already “increased” $ 60,000 in his investment.
When Varney asked when he was going to “get out” of the stock, he replied, “This is all feeling … I think there could be another run.”
ROBINHOOD RESTRICTING GAMESTOP TRADING IS ‘CRIMINAL PLAN’, SAYS BARSTOOL’S DAVE PORTNOY
“The big issue is obviously that the stock was restricted. Today I don’t think it is, so it’s a guessing game that will happen, ”he added. “This is not essential. That’s just watching the ball bounce … black, red or green on a roulette wheel. “
Portnoy said he also invested “a little” in shares of Nokia and Naked Brand.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 99.20 | +8.87 | + 9.81% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.65 | +0.81 | + 10.40% |
| NOK | NOKIA CORP. | 4.66 | +0.13 | + 2.90% |
| NAKD | NU BRAND GROUP | 1.28 | +0.37 | + 40.62% |
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Meanwhile, Robinhood announced on Wednesday that it would allow investment in fractional shares in GameStop and AMC.
Portnoy said the move would bring the little boy back, but he also emphasized that the app could stop trading if those names start to “go crazy again, as before”.
“The main problem I had is that I didn’t know that they could pause the negotiation as they did and crater the price … I was getting on the train trying to make money fast … I’ll still do that if the opportunity arises,” he said. “But it certainly opened my eyes to what can be done when the little boy starts to pick up the hammer.”
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