Keiser claimed that users of the popular Robinhood stock and cryptocurrency trading app had stolen Buffett’s money by capitalizing on his recent losses in the airline sector. He further suggested that the profits made on Buffett’s mistimed stock sales were being invested into Bitcoin.
Stealing Buffett’s bags
In early May, Buffett told shareholders of Berkshire Hathaway that he had sold all of the company’s airline stock at a huge loss, due to fears that the sector would not recover from the coronavirus pandemic.
However, users of the millennial-friendly zero-commission Robinhood trading app swooped in and bought the dip, snapping up shares in both Delta and American Airlines, according to Business Insider.
With airline stock since starting to rally, Keiser took a dig at his old foe, saying that the Robinhood users had “stolen” his money “creating wealth for poor Gen Z kids.” He went on to suggest that the users were:
“Picking over Warren Buffett’s career corpse; booking huge profits on his mistimed stock sales, and then rolling that money into Bitcoin”
A history of animosity
Keiser has a history of animosity towards Buffett, who has in the past famously described Bitcoin as “rat poison squared.” Last month he suggested that Buffett’s stance on Bitcoin had “killed his reputation.”
However, even United States President Donald Trump has called Buffett out for selling his airline stocks, saying that he had made a mistake.
Meanwhile the Robinhood app goes from strength to strength, raising $280 million to surpass its financing goals in a recent funding round.
Author: Cointelegraph By Jack Martin