SAVE - Dave Portnoy Buys SAVE Stock Loses 25% Makes It All Back In Turbulent Spirit Airlines Trading | Benzinga
Shares of airline company Spirit Airlines, Inc. (NYSE:SAVE) were increasingly volatile on Thursday, hitting new 52-week lows after rumors of restructuring options being explored.
One well-known internet and sports personality bought shares of the struggling airline company, only to see an immediate drop in the investment. Here's the story of Thursday's wild ride.
What Happened: Shares of Spirit Airlines tumbled this week on news that a federal judge blocked the planned acquisition of the company by JetBlue Airways Corporation (NASDAQ:JBLU). The drop didn't scare away one trader.
Best known as the founder of Barstool Sports, which was recently re-acquired from PENN Entertainment (NASDAQ:PENN), Dave Portnoy has also come to be known for his stock and cryptocurrency trading in recent years.
On Thursday, Portnoy announced in a tweet and a blog post that he had bought "a ton of Spirit Airlines stock."
Portnoy recalled being a "huge Spirit Airlines guy" back during his Davey Daytrader days of day trading stocks.
"Right when I went all in on Spirit at 7 bucks everybody's favorite grandpa Warren Buffett announced he was selling all his stock in all ...