Economy & Politics

FintechThe robinhood investors and their crazy bet on Kodak

Day trader and sports presenter David PortnoyImago / Chris WIlliams / Icon Sportswire

David Portnoy recently invested $ 150,000 in Lemonade shares. He has no idea what the company is actually doing, he wrote on Twitter. “I can only assume that it has something to do with lemonade stands.” When he found out what lemonade actually does, he shouted at the camera: “Why the hell do I have an insurance company called lemonade?” The celebrated Insurtech is in front launched on the stock exchange within a few weeks.

Portnoy publishes videos of his stock trading almost every day under the name Davey Day Trader. Several million people follow him on social channels, some of his videos have half a million hits. The sports presenter is the founder of the website “Barstool Sports”, it has made him rich, his fortune is said to be $ 100 million. Portnoy only discovered his enthusiasm for the financial markets in the corona crisis – because the sporting events were canceled.

Millions of young people in the United States followed him, investing their money primarily through the Robinhood app, which offers free stock trading via the app. They are obsessively discussing the next trade on the social platforms Reddit and Stocktwits. “It’s been joking: Robinhood and Stocktwits are the new gaming,” says an industry expert. It all seems like a big game.

Today we report on the new generation of traders, the run on the Kodak share and the downsides on Finance Forward, the new finance portal from Personal-Financial.com and OMR. You can register for the daily newsletter here.

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