In a world where most experts recommend careful, conservative investing. An online community has emerged on the social media site Reddit around taking HUGE bets on wall street stocks.
One unlucky user recently lost over $180,000 on technology stocks.
Time Money reports:
This summer, Dennis Cao logged on to Reddit with some big news to share: He had just lost more than $180,000.
A few days before, the 24-year-old software engineer had gone onto a popular section of the site known as /r/wallstreetbets to claim he had just placed an enormous wager on several technology stocks, shortly before they would release their quarterly earnings.
“Facebook/Amazon/Twitter hit it out of the park and I am mega rich,” he had bragged, hoping to impress fellow traders and the many rubberneckers who flock to the site for just this kind of all-or-nothing gamble.
Cao’s boast, which he backed up with what looked like screenshots of his account—to boost his credibility and also the drama of the moment—had succeeded in attracting attention. “THIS is why I sub[scribe] to /r/wallstreetbets,” wrote one user. “Yeah I’m sick of the ‘I just lost half of my $133 Robinhood account’” posts, wrote another. “Glad to see some actual plays.”