Barstool Dave Portnoy (from live video)
Barstool Sports’ Dave Portnoy joined Alex “Arod” Rodriguez and e-commerce tycoon Mark Lore as an investor in Tornado, the online brokerage startup. Tornado just brought in $10 million in new investment. Meanwhile, Dave Portnoy says that Barstool has given over $40 million to help small businesses during the Covid-19 pandemic.
On Wednesday Tornado was born, after a rebranding of the former Nvstr. The rebrand came with a newly launched Tornado website and mobile app. Tornado boasts that they are the first investing platform that combines next-level tools with hyper-tailored investing news and discussion. Tornado is a web and mobile brokerage and community designed to “empower anyone who aspires to become a better investor.”
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“We’re thrilled to be teaming up with Marc, Alex, Dave, and Tony to help solve the crisis in investing education,” said Bernard George, co-founder, and CEO of Tornado. “Our fast-growing community is proving that engagement and advancement can be two sides of the same coin. We’re grateful for their support as we work tirelessly to empower everyone – from first time investors to veterans with decades of experience – to take that next step in their own personal journey to becoming a better investor.”
“There’s been a lot of chaos in the stock market,” said Dave Portnoy. “It’s hard to know who has your back. The platform Bernard and Patrick are building at Tornado aims to give everyone the power to become a better investor – doesn’t matter where you start from. What I love about them is they’re serious about this mission and above all else, will always put the individual investor first.”
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As for his Barstool Sports small business fund, Dave Portnoy says that they have now given $40 million away. “It’s been, obviously, a rewarding thing and, hopefully, we don’t have to go back into it with everything that’s happening,” Dave Portnoy told Fox News’s Brian Kilmeade. “But anybody we can help, one business, two businesses, it changes their lives. Not just the lives of business owners and their families, everybody around the community. It’s been a super rewarding program, no doubt about it.”
Dave Portnoy explained that the small business owners in the program were able to get their money quickly and that Barstool Sports is not just making one-time donations, but is working with the recipients on a regular basis.
“We spoke with these people every month, checked in with them,” Portnoy said. “And the best part is getting the e-mails and letters from the businesses who say, hey, we don’t need the money anymore. We made it through … the worst part, and we want it to go to other people. Actually, we’ve gotten a ton of those letters, and that’s by far the most rewarding part.”
