The top 5 richest billionaires had a disastrous showing at the most recent trading session, no thanks to the group tagged as the Wallstreetbets disrupting financial markets at an unprecedented level.
The top 5 billionaires most recent daily loss stood at $19.67 billion.
The world’s richest man, Elon Musk recorded the highest daily loss in review, valued at $9.52 billion. The CEO and founder of Amazon, the world’s most valuable online retail company, Jeff Bezos suffered daily losses of about $1.77 billion.
Bill Gates, Bernard Arnault, and the founder of Facebook, Mark Zuckerberg had their wealth valuation dropping by $2.4 billion, $3.53 billion, and $2.45 billion respectively.
The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.
- The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalize their fund amid its losing positions at Gamestop.
- Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.
In addition, stock experts are also worried that such an unusual trend in play is a sign of a larger bubble in the market and that its unraveling could also cause turbulence and hit retail investors hard.
Already top-ranking members of the U.S Congress have called for an investigation into the chaotic trading in play at the world’s biggest and most liquid stock market.
Some days ago, the Securities and Exchange Commission stated it was going to unravel if the decisions made by online trading platforms, brokers, in suspending some of the red hot trendy stocks (Gamestop, AMC, Blackberry) in high demand on their platforms, had global investors at the losing end.