Many financiers were not thrilled about amateur investors' discovery of speculative trading. Omega Advisors CEO Leon Cooperman told CNBC that GameStop traders "have no idea what they're doing."
Though many wealthy Americans familiar with the financial markets are looking upon the GameStop phenomenon with contempt, others are celebrating recent events as some form of poetic justice.
Here are four moguls who love the GameStop fiasco.
SpaceX founder and Tesla CEO Elon Musk is thrilled by the prospect of small investors beating Wall Street elites at their own game.
"Here come the shorty apologists," "give them no respect," "get Shorty," he tweeted on Thursday in reference to those defending hedge funds that had bet against GameStop.
Musk — who boasts a net worth of nearly $190 billion and recently overtook Amazon founder Jeff Bezos as the world's richest man — described the practice of shorting stocks as "a scam."
He is also highly critical of Big Tech's attempts to mute amateur investors' conversations. "Even Discord has gone corpo …" Musk remarked after the platform banned members of r/WallStreetBets.
Joining Musk in his criticism of Big Tech and Wall Street, Barstool Sports founder Dave Portnoy posted a four-minute rant to social media.
"We are going to crash those stocks so all our hedge fund billionaire friends can get out and not get killed is one of the most remarkable, illegal, shocking robberies in history," said the entrepreneur. He called for the imprisonment of Robinhood and Citadel executives after stopping "the everyday Jimmy and Joe" from investing "fair and square."
Portnoy repeatedly expresses frustration toward government officials whose COVID-19 policies resulted in massive job losses. He recently launched the Barstool Fund , which has raised over $33 million and saved 196 small businesses from bankruptcy.
Mark Cuban — multibillionaire owner of the Dallas Mavericks and personality on ABC's "Shark Tank" — hopes that the GameStop phenomenon marks the beginning of a great equalizer on Wall Street.
"I got to say I LOVE LOVE what is going on with #wallstreetbets," he said on Twitter. "All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge."
"Even my 11 yr old traded w them and made $," he added.
Cuban told CNBC's "Squawk Box" that institutional investors should have known the risks of shorting stocks.
"As someone who's shorted stocks many times… you know exactly what you're getting into, and you know exactly what the risks are," he commented.
Fellow "Shark Tank" investor Kevin O'Leary is also pleased with the GameStop debacle.
"Old days where a hedge fund manager could quietly short a stock, then publish negative research and take a bullhorn to it in the media are over," tweeted the Canadian entrepreneur. "They now run the risk that he power of the crowd will turn on them and squeeze their heads like a teenage pimple. I'm good with it!"
Yesterday, O'Leary took a moment to troll Rep. Alexandria Ocasio-Cortez (D-NY) by purchasing one of her "Tax The Rich" sweatshirts and analyzing her lucrative margins.
"Inside of every socialist there is a capitalist screaming to get out!" he told the Congresswoman.
The views expressed in this piece are the author's own and do not necessarily represent those of The Daily Wire.
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