Chris Sacca, the billionaire investor said in a recent tweet that, “The Newbie traders who scored massive windfalls in 2020 simply just got lucky”. He also said that “To everyone out there who got into trading this year (2020), I have a hard truth for you all that you are not that good at it”.
The former “Sharh Tank” star and founder of a venture capital firm Lowercase Capital exclaimed that people who entered the trade market this year and invested just caught a wild bull market as a bit of luck and took some money off the table.
This public comment of Sacca on Twitter met with a swift backlash.
Dave Portnoy, Barstool Sports founder and the face of the new generation of day traders told Fox Business that he really doesn’t know who Sacca is and also added that Sacca is a bit of a sore loser and an idiot.
The Lowercase chief – Sacca is an early investor in Twitter, Uber, and Instagram. He responded to the criticism with a sarcastic tweet mocking Robinhood users, one of the most popular trading apps.
He also added that “To the angry Robinhood bros who got into trading this year (2020): I was wrong, you all are amazing. The market has nothing to do with this, it’s all about you and your mad skills. Don’t take profits off the table. Double down, on margin. Borrow everything you can. Stonks never go down!”
He made fun of the Robinhood users as in internet slang, stonks is a deliberate spelling mistake of stocks.
Sacca – made his fortune in the early 2000s then lost a huge chunk of it when the dot com bubble burst – and after that has repeatedly cautioned amateurs about trading risks, particularly with borrowed money.
Sacca has a past issuing of similar warnings.
In November 2019 he tweeted that, “I’m here to tell you that trading millions of dollars which you don’t have is a thrilling way to ruin your health and financial future.”
In 2013 Sacca said that “Investing is a great way for making money and Trading is a great way to lose your money”. And he added that hide your “Stocks” app forever.
In early 2017, Sacca and his wife and business partner, Crystal, shifted their focus from day to day investing to tackle the issues like climate change, voter suppression, and criminal justice reform.