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Barstool Sports CEO: Robinhood trading restrictions ‘flat out criminal’

FILE – This Dec. 17, 2020 file photo showed the logo for the Robinhood app on a smartphone in New York. (AP Photo/Patrick Sison)

OAN Newsroom
UPDATED 6:50 PM PT – Friday, January 29, 2021

Barstool Sports CEO Dave Portnoy slammed Robinhood, calling the app’s latest trade restrictions “criminal.”

In an interview on Friday, Portnoy criticized the broker for recent trading restrictions on volatile stocks, saying Robinhood CEO Vlad Tenev should go to prison.

Portnoy claimed Robinhood intentionally caused shares to tank so hedge fund owners and billionaires could get out without losing it all.

“The irony, Robinhood who said free trade and Robinhood, we take from the rich to give to the poor,” Portnoy said. “No you don’t, it’s in reverse, you steal from the poor and give it back to the rich.”

In a tweet on Thursday, Tenev defended the trading halt, citing Robinhood’s mandatory user agreement. He stated that the company may prohibit a user’s ability to trade at any time.

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