Fox Business host Charles Payne and Dave Portnoy engaged in verbal combat during a heated segment on Thursday over the Barstool Sports founder’s involvement earlier this year in a Reddit movement that drove the process of “meme stocks” like Gamestop and AMC.
Portnoy, who popularized the term “stonk” and also hosts the Davy Day Trader Global podcast though he has no formal training or education as a financial adviser, was being pressed by Payne for leading others to get out of those stocks too early after he allegedly got many people to buy in, causing them to lose money.
Referring to Portnoy as “paper hands” — a term used on Reddit and WallStreetBets subreddit for investors who get out of stocks at the first sign of trouble — Payne noted that a lot of people who made an early exit with Portnoy are angry at him because the meme stocks have continued to rise, though the Barstool Sports founder said in February he lost $700,000 by selling shares too early.
“So many people in this got drawn into because of you. They’re so disappointed and angry at you, what do you say to them?” Payne asked Portnoy.
(Video: Fox Business)
“Those people are idiots,” Portnoy shot back, going on to say that he didn’t believe any of those people lost nearly as much money as he did before chiding the host about paying attention to what people write on social media. “We don’t pay any attention to those morons.”
“Listen, most of the people who are saying paper hands and this and that, they lost five cents. They lost a nickel. I lost 700 grand. I got out of it. I took my beating,” Portnoy continued.
“Really?” Payne responded, telling Portnoy he was “the face of this movement,” and adding that by getting out early and seeing others lose money, he “helped the establishment.”
“Charles, you’re being a naive fool. These people, these are Twitter eggs that you are listening to,” Portnoy shot back. “If you listen to what people say on social media you will never leave your mom’s basement. Come on.”
“Well, I live in a pretty big house so I’m not worried about that,” Payne answered, chuckling.
The host continued to double down, however, insisting that Portnoy take some responsibility for getting a lot of people to join him in buying the meme stocks, then abandoning them as they appeared to be set for major losses.
“Now you’re saying that these same folks that looked up to you, that jumped on the stonks bandwagon, now you’re calling them names, now you’re dissing them…belittling them?” Payne said, encouraging Portnoy to “be the bigger man in this.”
“I’m not the bigger man!” Portnoy fired back. “You come at me, I come at you! You’re asking me about a segment of people who live to stir the pot, and I’m surprised you’re falling for it.”
“They’re saying that…you helped create a movement and at the first sign of danger, you were the one who blinked,” Payne said.
“First sign of danger? They froze trading, Charles! I didn’t know they could do that!” Portnoy responded.
After more back and forth, the Barstool Sports guru finally exclaimed to Payne, “You’re being a moron!”
“You’re being a little bitch!” Payne fired back, telling Portnoy he should go to Securities and Exchange Commission Chair Gary Gensler to get the rules changed.
Portnoy laughed at the insult and later asked: “Who’s Gary Gensler?”
As the two bantered back and forth to close the segment, Portnoy said, “Don’t be a little bitch, Charles!” at which the host laughed.
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