Quote:
Originally Posted by Edward64
Any idea what his net worth is? Is he already wealthy and this is just 5% that he is gambling with or is it 70%?
|
Quote:
Originally Posted by sterlingice
He had $50K to throw at Gamestop in the first place as a trader so he wasn't poor to begin with.
400 Bad Request
Just a gut feeling: I've always got the impression he was upper middle class to upper class, depending on where you draw the line: lower to middle rung financial guy making like $200K~$500K per year up in Boston (high cost of living). He feels like he had successful-ish boomer parents, went to a private college, and got into that second gen upper middle class path.
He made a big bet with his investment "play money": If you have $50K+ of investment/play money sitting around that you can afford to lose, you're not poor or merely middle class. But I never got the impression he had >$1M sitting around. And I'm pretty sure the majority of his wealth is tied up in 200K shares of Gamestop stock now. His final posting shows he still has $3.5M in cash and $30M in Gamestop stock.
That said, this is all gut feeling - there might be more info out there that's more conclusive. |
It's like 90% of his paper wealth in Gamestop & close to 100% of his paper wealth in that YOLO screenshot. He's said one of the happiest moments of his life was being able to tell his family he was a millionaire at Thanksgiving, and now he has 3.3m cash & his 32m in 200k GME shares. Grew up in Brockton which is lower middle class suburb, at least as of January was renting a home in Wilmington another lower middle class suburb. Went to Stonehill which is private but certainly not bougie by NE standards (and was actually a D2 All-American runner until injuries happened.)
All things considered with the Reddit/WSB crowd and the narrative people want to paint he's probably the most wholesome person and best representative for retail trades and the "mania". And posting that as a final update gives him the out to sell part (or all) when he wants, but he always had the spreadsheets and did real analysis to show it was undervalued, talked in November/December about a potential squeeze up to $50, and if he just doubled down with $8.3 million he believes the stock/company still has value at that price, and seeing what we've seen so far it'll probably create a new floor and bounce from $151 just like it did when he doubled down at $38 during the congressional hearings.
PS if you want the conspiracy angles, any thoughts on why every big bank is selling unprecedented amounts of bonds when we're finally transitioning from LIBOR to SOFR? #CashGang