Billionaire Mets’ owner Steve Cohen and poster boy trader Dave Portnoy in fiery GameStop fight

It’s the controversial stock that’s got everyone talking and even traders are starting to make wild accusations against each other.

An online stoush has erupted between the billionaire owner of baseball team The Mets and a day-trading poster boy surrounding the GameStop stock controversy.

The war of words started when day trader Dave Portnoy blasted Steve Cohen, the hedge fund billionaire and Mets owner, about restrictions on trading apps including Robinhood, which are used by amateur investors.

GameStop, a brick-and-mortar video retailer, has seen its stock skyrockets after Reddit renegades set out to prevent Wall Street “fat cats” from making huge profits from it.

Politicians have lashed out at Robinhood’s decision to halt trading on GameStop and other company stocks, with the app accused of backing Wall Street over novice traders.

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Mets owner and billionaire hedge fund owner Steve Cohen. Picture: Supplied.

Mr Portnoy didn’t mince his words with his first tweet.

“PRISON TIME”, he tweeted as he tagged Cohen, founder of Point72 Capital, along with Citadel, another hedge fund run by a billionaire.

PRISON TIME. Dems and Republicans haven’t agreed on 1 issue till this. That’s how blatant, illegal, unfathomable today’s events are. It also shows how untouchable @RobinhoodApp @StevenACohen2C Citadel Point72 all think they are. Fines aren’t enough. Prison or bust https://t.co/cEldMThZSD

— Dave Portnoy (@stoolpresidente) January 28, 2021

His tweet linked to a story about politicians’ outrage at the restrictions imposed by Robinhood.

But Mr Cohen hit back at the day trader’s tweet.

“Hey Dave, What’s your beef with me. I’m just trying to make a living just like you. Happy to take this offline,” he wrote.

Things got increasingly heated as Mr Portnoy snapped back: “I don’t do offline. That’s where shady sh*t happens.”

He went on to accuse Mr Cohen of having a “strong hand” in the controversial restrictions imposed by Robinhood, which have hurt novice investors. Hedge funds have lost billions among the Reddit Rally, with Mr Cohen’s hedge fund down 10 per cent since the start of the year, reported the New York Post.

“I think you had strong hand in today’s criminal events to save hedge funds at the cost of ordinary people. Do you unequivocally deny that?” alleged Mr Cohen.

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GameStop stock has created a fascinating story with never-ending twists and turns. Picture: Spencer Platt/Getty Images/AFP

He pointed out Mr Cohen had helped bail out fellow hedge fund Melvin Capital, along with a financial injection from fellow hedge fund Citadel, amounting to $US2.75 billion ($A3.6 billion) into it.

“What are you talking about? I unequivocally deny that accusation,” Mr Cohen shot back. “I had zero to do with what happened today Btw, If I want to make an additional investment with somebody that is my right if it’s in the best interest of my investors Chill out.”

Dave Portnoy refused to take the discussion offline. Picture: Paras Griffin/Getty Images

Mr Portnoy then asked for his “professional opinion” on why trading was halted on companies such as GameStop, AMC Theatres and Nokia.

“Good question,” Mr Cohen wrote back. “Those questions should be directed at Robin Hood etc. I’m a trader just like you are. When you find out give me a holler.”

However, he added that it seemed reasonable that brokers should make a statement about the situation.

The two men seemed to find common ground by the end of the fiery exchange and Mr Portnoy said he appreciated Mr Cohen speaking and trying to provide answers.

We agree on that. And I want lie detectors everywhere. https://t.co/1xy9EEUn45

— Dave Portnoy (@stoolpresidente) January 28, 2021

Congresswoman Alexandria Ocasio-Cortez has called for an inquiry into apps like Robinhood restricting trading.

Others have weighed into the controversy, with Berkeley professor Robert Reich tweeting: “So let me get this straight: Redditors rallying GameStop is market manipulation, but hedge fund billionaires shorting a stock is just an investment strategy?”

He added that Wall Street should be held “accountable for once” so they don’t behave as if their “actions have no consequences”.