A massive fight broke out on Fox News.
The video went viral.
All hell broke loose on the set of Fox News when a host said these five words.
Barstool Sports founder Dave “El Presidente” Portnoy was one the leaders of the meme stock movement.
The meme stock movement consisted of day traders like Portnoy and Reddit users buying up stocks that Wall Street hedge funds shorted like AMC and GameStop to drive up the price and stick it to the Wall Street big shots betting that these companies would fail.
During the meme stock bump, the day trading app Robinhood shutdown trading.
Portnoy lost $700,000 as he sold his meme stocks.
The value of AMC and GameStop continued to rise, however, so the day traders that held on to AMC and GameStop ended up making a boatload of money.
AMC’s share now trades for $56 dollars and GameStop’s stock price sits at $214 per share.
These numbers are well above the stock price’s low mark that caused the meme stock movement to takeoff.
Fox Business host Charles Payne was a major supporter of the meme stock movement and interviewed Portnoy.
But the interview flew off the rails when Payne asked Portnoy about some internet day traders that called Portnoy “paper hands”—meaning someone that sells their stock at the first sign of panic—and thought Portnoy turned his back on the day traders he inspired.
Portnoy responded by blasting the critics as internet trolls that didn’t have any money invested in the first place.
“Those people are idiots. We don’t pay any attention to those morons,” Portnoy shot back, “Most of the people saying ‘paper hands’ and this and that, they lost 5 cents, they lost a nickel. I lost $700 grand. I got out of it. I took my beating. So anybody with ‘paper hands,’ I’d like to wrap them in toilet paper and glue lettuce to them and set them out to float in the ocean. I don’t pay attention to those idiots.”
Portnoy added that he sold all his stocks before the price shot back up so anyone complaining that Portnoy sold his stock and left everyone else holding the bag was wrong because anyone that kept AMC and GameStop ended up making money.
That answer upset Payne who claimed Portnoy—who is reportedly worth $120 million—wouldn’t feel a loss of $700,000 while ordinary day traders couldn’t absorb even a miniscule loss.
“That’s kind of cold, Dave,” Payne responded, “They’re saying several hundred thousand to a guy like you and when they put all their money in, that you didn’t have to sell, that you were the face of this movement, that when you gave up, you helped the establishment when they needed you most. Why would you diss them now? Why would you call them names now?”
Portnoy was not having any of it, ripping Payne as a “naïve fool” and explaining that anyone that understood the market or had real money invested in meme stocks would understand where Portnoy was coming from.
“Charles, you’re being a naïve fool. These people, these are Twitter eggs that you are listening to. The real people who have money in it and understand how it works, they’re not the ones calling names. I’d love to see the bank accounts and the receipts of these people,” Portnoy replied.
The argument continued until Payne snapped at Portnoy claiming “You’re being a little [email protected]#$h.”
Magazines like POLITICO called Portnoy the future of the GOP labeling the Barstool founder and his followers—called “Stoolies”—Barstool conservatives because of Portnoy’s everyman populism, his support for small businesses during the coronavirus lockdowns, and the hatred of woke culture.
Portnoy’s been a frequent guest on Tucker Carlson’s program, but this interview with Charles Payne was his most viral moment on Fox News, which Portnoy took great delight in celebrating.
“Every network executive should get their pens out and take notes on my interview with Charles Payne,” Portnoy posted on social media.
You can watch the entire interview below.
— Dave Portnoy (@stoolpresidente) June 24, 2021
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