Influencers on Finance Twitter have seen an increase in reputation just lately as retail merchants have turned to the social media platform for buying and selling recommendation.
Benzinga is stating a number of the greatest names, in a sequence on these “FinTwit” influencers.
This week, it is “Davey Day Dealer” Dave Portnoy.
A watermelon and pizza connoisseur, who final week inadvertently filmed a Chicago carjacking whereas taste-testing a passerby’s McDonald’s Spicy McChicken sandwich, is adopted not just for his leisure worth but in addition for his buying and selling recommendation.
His Focus: As founding father of Barstool Sports activities, a companion of Penn Nationwide Gaming, Inc. (NASDAQ: PENN), it’s not stunning Portnoy’s buying and selling is targeted on the sports activities betting sector. He does weigh in on different sectors, nonetheless, and just lately supported retail merchants as they tried to tackle the Wall Avenue elite by working up meme shares.
Man Of The Individuals: Portnoy and VanEck Vectors, a U.S. funding agency, just lately launched an ETF that holds shares trending on social media. The transfer got here following the GameStock Company (NYSE: GME) and AMC Leisure Holdings Inc (NYSE: AMC) mania. The VanEck Vectors Social Sentiment ETF (NYSE: BUZZ) doesn’t maintain meme shares, nonetheless. Among the top holdings within the fund are Twitter Inc (NYSE: TWTR) at 3.52% and DraftKings Inc (NASDAQ: DKNG), which makes up 3.37% of its holdings.
Swaying The Crowd: Like Chamath Palihapitiya, Portnoy’s tweets generally carry controversy. A wild card who can develop into aggressive for seemingly no motive, Portnoy’s reside buying and selling movies usually echo an individual watching their favourite sports activities workforce win or lose, which makes him thrilling to look at. Portnoy can also be recognized to choose fights with hedge funds and units up Wall Avenue-versus-Most important Avenue duels in doing so.
“PRISON TIME. Dems and Republicans haven’t agreed on 1 difficulty until this. That’s how blatant, unlawful, unfathomable at this time’s occasions are. It additionally reveals how untouchable @RobinhoodApp @StevenACohen2C Citadel Point72 all suppose they’re. Fines aren’t sufficient. Jail or bust,” Portnoy wrote in a tweet aimed toward hedge fund billionaire Steve Cohen amid the furor over Robinhood’s buying and selling halts in January.
He Sticks To His Sport: Though generally venturing exterior the sports activities sector, Portnoy often sticks to what he is aware of, tweeting out recommendation on easy methods to play Penn Nationwide.
“Don’t belief me. I could possibly be improper for 1st time in 20 years. I’m not a monetary advisor. However solely a idiot wouldn’t purchase the dip. $penn,” he wrote throughout final week’s purple streak.
Final month Portnoy took to Twitter to submit a video in assist of one other e-gaming inventory, claiming to have taken a $2.7 million place in Canada’s Rating Media and Gaming Inc. (NASDAQ: SCR), though he made his fans guess the corporate based mostly on clues.
“Positive! It rhymes with ‘the door,’ that’s all I’m saying. And I had to determine easy methods to purchase it as a result of it ain’t American,” he mentioned on the video.
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