Barstool Founder Dave Portnoy's SAVE Stock Gamble: From 25% Loss to Full Recovery in One Turbulent Day

When a federal judge blocked JetBlue Airways’ planned acquisition of Spirit Airlines, it sent shockwaves through the market. But for one high-profile trader, the setback looked like an opportunity. Dave Portnoy, founder of Barstool Sports, decided to step into the chaos surrounding Spirit’s save stock—and what followed was a wild roller coaster that tested his conviction.

The Market Shake-Up: Why Spirit Airlines Stock Plummeted

Spirit Airlines shares hit fresh 52-week lows as the acquisition deal fell apart and restructuring rumors swirled. The airline industry was already under pressure, and the collapse of what many saw as a lifeline sent investors scrambling for the exits. The stock was already struggling, and the failed merger with JetBlue made matters worse.

At the time, save stock represented a bet that the struggling carrier might find another way forward—or that the market had overreacted to the news. Most traders were fleeing; Portnoy decided to wade in.

Portnoy Bets Big on SAVE at the Wrong Moment

On Thursday, Portnoy announced via tweet and blog post that he had purchased “a ton” of Spirit Airlines stock. The move was a throwback to his Davey Daytrader days, when he was actively trading stocks. He recalled being a “huge Spirit Airlines guy” back then, and when he initially went all-in on the airline at $7 per share, legendary investor Warren Buffett had chosen that exact moment to announce he was dumping all his airline holdings.

The comparison was stark: young Portnoy versus the “well past their prime” Warren Buffett, like Larry Holmes defeating Muhammad Ali. Back then, Spirit stock had soared into the $20s. This time around, Portnoy thought the setup looked too attractive to pass up.

But the timing turned out to be impeccable—in the worst way possible.

The Twist: How SAVE Stock Bounced Back By Day’s End

The irony was brutal and immediate. At 11:55 AM, moments after Portnoy tweeted that he’d bought SAVE, the company announced it was exploring restructuring options. The save stock price collapsed 25% instantly, and what seemed like conviction looked like a catastrophic mistake within seconds.

Yet Portnoy didn’t panic. He pushed back against what he called “shorts and the suits” spreading “false propaganda,” and shared a Reuters report suggesting Spirit was looking to refinance debt rather than pursue restructuring. He held his ground.

By the closing bell, the narrative had shifted. SAVE stock recovered spectacularly, closing at $5.70—up over 40% from its intraday low and down just 7% on the day. Portnoy ended up with a 5% gain on his position. What had seemed like disaster just hours earlier had become vindication.

The Final Count: Where SAVE Stock Ended

On Thursday, Spirit Airlines closed at $5.70, having touched a new 52-week low of $4.04 during the session. The intraday range was $4.04 to $5.94, capturing the full extent of the volatility.

Over the five-day period, save stock had collapsed 62%. But on that specific Thursday, the day’s trajectory told a different story—one of panic selling followed by thoughtful buyers stepping in. Portnoy tweeted: “What a ride today. $SAVE closes at $5.69. (Nice). Up over 40% from the day low…Back to war tomorrow.”

The 52-week trading range sits at $4.04 to $19.21, a span that captures the airline’s dramatic struggle and moments of hope. For Portnoy, the day was a reminder that conviction combined with quick thinking could turn a 25% loss into a win—at least for one trading session.