Dave Portnoy, aka “El Presidente” and self-proclaimed “3 time bee sting survivor,” is putting his name and face behind a new exchange-traded fund (ETF).
Portnoy, the founder and president of Barstool sports, began day trading and sharing his thoughts on the stock markets after the big crash in March of 2020.
In an interview with FOX Business in early September 2020, Portnoy talked about profiting $4.5 million over the course of a few months. “I’ve deposited $5 million. I’m at about $9.5 million right now.”
A few days later he posted a video on Twitter and admitted, “I’m down 700 grand, I’ve lost like $4 million in a (expletive) blink.”
Portnoy has also used his celebrity status to start The Barstool Fund which raises money through donations to support struggling small businesses.
According to the fund’s website, over $36 million has been raised from 220,239 supporters.
Several celebrities have donated to the fund, including millionaire trader Timothy Sykes, who donated $100,000 in December.
Merry Christmas! I'm proud to support @stoolpresidente & the great #barstoolfund to help small businesses in these tough times with a donation of $100,000 from my charity @karmagawa & thanks to my student @mrileytrades for challenging me, please retweet, let's get more donations! pic.twitter.com/FSJAUizfW2
— Timothy Sykes (@timothysykes) December 25, 2020
At writing, 297 businesses across the United States have received support from the fund. Portnoy regularly shares their stories on Twitter.
In his latest endeavor, Portnoy has joined forces with associates to launch an ETF that uses algorithms to detect social media chatter and invest in the top 75 “most favorable” stocks.
He claims the algorithms beat the S&P 500 by 40% last year. The ETF will be updated monthly “based on the most positive sentiment, not only from [Portnoy] but from everyone on the internet.”
The ETF is scheduled to start trading on Thursday on the NYSE under the ticker symbol BUZZ.
One never knows what Portnoy has up his sleeve, and legions will be watching this new ETF.
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