Barstool Sports founder Dave Portnoy tries day trading, loses $647,000 - Business Insider

When the coronavirus suspended all major sports leagues — specifically, the ability to gamble on them — Barstool Sports founder Dave Portnoy saw an opportunity: the stock market.Portnoy said he deposited $3 million into an E-Trade account, and he changed the name of the company's daily gambling radio show on Sirius/XM from "Picks Central" to "Stocks Central."On March 23 Portnoy proclaimed, "I have become a full-time day trader," adding that his day-trading odyssey would be live-streamed every day "for the duration of quarantine." Portnoy also included in his announcement a candid admission that "to be very clear, I have zero clue what I'm doing."By the end of the first week, Portnoy said he was down about $200,000. I don't know who — I call them 'the pinstripes with the mismatched collars.' Somebody is driving stock market volatility, and I don't know how or who."Despite his losses, Portnoy managed to monetize the Davey Day Trader live-stream, inking a deal with an eye-wear company to sponsor the broadcast. So far, it hasn't worked."Portnoy acknowledged the possibility that his legion of fans, known as "Stoolies" may follow his lead and attempt to enter the world of day trading."Do not do it thinking you're going to make money," Portnoy said.