Barstool Sports founder and recent participant in the Reddit rally Dave Portnoy slammed Robinhood Markets for its decision to restrict transactions on certain stocks.
“Robinhood is dead,” Portnoy said in a video posted to his Twitter. “The decisions that were made at Robinhood today should land everybody who was involved in those decisions in prison.”
Robinhood’s restrictions to “position closing only” included AMC, BlackBerry, Bed Bath & Beyond, Express, GameStop, Koss, Naked Brands and Nokia.
Robinhood is not alone, Interactive Brokers Group Inc. said it wouldn’t allow clients to take new options positions in names including AMC, GameStop and BlackBerry.
Portnoy appears motivated to keep holding his positions. He claimed Thursday he was down US$1 million, but said he still thinks AMC and Nokia will come back “the second the free markets open again.” On Wednesday he said he had positions in the two companies.
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