Former Yankees slugger Alex Rodriguez, Barstool Sports founder Dave Portnoy and e-commerce tycoon Mark Lore are pouring cash into Tornado, an online brokerage that operates a social network for traders.
Investors — led by the venture capital firm of VCP, A-Rod and Lore — are sinking a total of $10 million into Tornado, which was first established in 2015 and is rebranding from its previous name “NVSTR.”
Unlike other rivals such as Robinhood and TDMeritrade, New York-based Tornado charges users to open accounts. The service costs $4.99 per month and includes 25 commission-free trades.
The company says that what sets Tornado apart from free brokerage is its access to a social network of other traders who share stock tips and trends. Users also get curated market commentary, as well as analytical tools that are “generally only available to professional Wall Street investors,” according to the company.
Tornado says this model encourages more responsible and sustainable investment.
“Financial wellness has never been a more important mission,” said co-founder Patrick Eber in a statement shared with The Post.
Tornado’s conscientious image appears to be in contrast to Portnoy’s own past stock trading activities.
During the pandemic, Barstool’s founder livestreamed day-trading sessions, declaring that “stocks only go up” and randomly buying shares based on letter tiles he pulled out of a Scrabble bag.
Portnoy helped inspire a movement of young, risky traders who used retail trading apps like Robinhood to send stocks like Gamestop and AMC and crashed for no reason – making some traders rich while others. made it poor.
Nonetheless, Portnoy fully supported Tornado.
“There is a lot of chaos in the stock market,” he said in a release. “It’s hard to know who has your back. Bernard and Patrick at Tornado are building the platform, which aims to give everyone the power to be a better investor – no matter where you start. ”
Tornado is the second investment by A-Rod and Lore’s VCP Fund. was the first now with, an e-commerce startup that allows users to buy goods supported by social media influencers.