Why Jim Cramer lashes out at Dave Portnoy: 'Stonk folks overstayed their welcome'

CNBC host and television personality Jim Cramer is known for his opinions and views on markets and individual stocks. On Tuesday, Cramer picked up some new retail investors who may have entered the market through someone known for sports, not stocks.

What happened: In a tweet, Cramer targeted Dave Portnoy, founder of Barstool Sports.

"I decided to take no prisoners for the people who arrived when Portnoy was doing actions and not sports. No offense to Portnoy, but these "stonk" people have so overstayed their welcome time that I feel bad because of their weariness and relentless ignorance," Cramer tweeted.

Cramer's comments refer to the fact that Portnoy previously hosted a live show called "Davey Day Trader", where he shared stock market commentary and talked about the stocks he was buying.

Related link: Why Dave Portnoy likes Elon Musk taking a stake in Twitter

Why it matters: Ahead of Tuesday's tweet, Cramer showed his support for the founder of Barstool Sports, a company partly owned by Penn National Gaming PENN.

Cramer defended Penn National last year, saying a downgrade of the company by an analyst was not timely given new state launches and the influence of Portnoy.

Cramer also sat down with Portnoy in 2021 to discuss a new ETF that tracks major stocks by social media mentions.

"This is the first ETF that has captivated me in a very long time," Cramer said of the VanEck Social Sentiment ETF BUZZ in early 2021.

Cramer said Portnoy's attachment to the ETF would generate a lot of excitement. New traders on the market were praised by Cramer at the time.

"People are smarter than collective suits."

The Final Word: After previously supporting new investors in the stock market and Portnoy's influence on people's enthusiasm for the stock market, Cramer has now had a change of heart.

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