Barstool Sport’s Dave Portnoy is infuriated by what happened yesterday. The market opened and for some reason, multiple trading apps, like RobinHood, just shut off the ability for users to buy securities that were targeted by the crew on WallStreetBets on Reddit. You could sell, but that’s playing into the hands of the very people who were losing their shirts over this populist surge in trading. Yes, the little guys on Reddit took on the billionaire hedge funds and won. The losses were in the billions. It all started with GameStop. The elite wanted the stock to drop. The Reddit Revolution went big on it—and drove the stock up to insane heights. Nokia, American Airlines, Blackberry, AMC Theaters, and other stocks were also targeted to see things spike in their foreseeable futures. Is this market manipulation? Sure, but the elite has been doing this for years. Now, the little guy is making some scratch in the market—and it’s a total scandal.
‘This is our playground.’ That’s how the elite views this and the fact that these apps were re-wired so that the only moves one could make would lead to the stock price tanking, which is what the hedge funds want, is beyond transparent. The system is rigged. For everyone wondering why populism is rising, how Trump became a political sensation so quickly—here’s your answer. The normal folks got robbed yesterday—literally. They were told what they can and cannot buy. That’s outrageous.
Portnoy was invited on Fox News’ Tucker Carlson’s show and laid into them. It’s only an issue when the elite eats pavement on their bets, right? He’s very adamant that what happened yesterday was criminal, and that people have to go to jail. He also zeroed in on the one political alliance, albeit temporary, that shows how messed up this situation has become: Donald Trump Jr. and Rep. Alexandria Ocasio-Cortez (D-NY) agree on this issue.
There is nothing illegal about what the Reddit crew was doing. They were betting just like the billionaires—and they were beating them at their own game. That’s the difference. This is a limited club. They don’t want the bumpkins coming in, so something appears to have gone down to slow the roll. They know they can get away with it. The good news is that these folks aren’t going away and while a lot of people lost money yesterday—they’re gearing up for another run.
Populism is contagious.
SEC is like pic.twitter.com/HT7CiF9M8m— Drew Holden (@DrewHolden360) January 27, 2021
In the meantime, those poor billionaires. How will they be able to live, right?