WallStreetBets caused Justin Sun to lose $ 7.5 million

Get real time updates directly on you device, subscribe now.

Formed by Tron founder Justin Sun, a portfolio of assets promoted by members of the r / WallStreetBets group on the Reddit platform lost about 70% in two days.

On Monday, Justin Sun set aside $ 12 million to buy GameStop and AMC Entertainment shares, as well as silver. In a tweet that was accompanied by screenshots from the brokerage account, he wrote that “they are ready to fly to the moon.”

As a result of trading on Tuesday, the value of positions fell to $ 4.5 million. Shares of GameStop fell 60%, AMC Entertainment – 41.2%, an ounce of silver – 8.2%. Sun did not comment on his next steps: whether he was able to limit losses or decided to hold assets in the hope of growth.

According to media reports, Metro-Goldwyn-Mayer and Netflix will film films about the vicissitudes of the confrontation between r / WallStreetBets subreddit users and Wall Street hedge funds.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.