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.
READ: Airbnb co-founder, Brian Chesky gains over $7 billion in just a few days
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.
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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.
covid profiters 2020..is that digital value of fortune or real money of thise frauders..
So why the hell did you use Warren Buffett’s pic if he’s not in the article? Jerks.
LOVE. TO. SEE. IT. ?
There is no evidence that the GME phenomenon is making that large of a disruption, in fact, there have been reports that the rise in GME has had minimal impact. Funds that were over-exposed in GME could cash in on other options to help cover but it would be a temporary affair.
Correlation does not equal causation
So the unethical billionaires that profitted trillions during covid are mad when small time investors beat them at their own rigged system? God forbid anybody else should profit off of the sham market system set up for them to control. F*** them and the fcc who are only happy when their short-selling schemes benefit the folks that need it the least. Shame on them and the whole rigged corrupt syste. Hooray for the disrupters that exposed it for everyone to see!!
Proof read your article before you publish! This is shameful. That last sentence doesn’t even make sense.
yes. I had to reread a few times. he literally said the FCC WILL UNRAVEL if …(conditions to be met.. an if ..then construction. Its evident that he meant the FCC WILL DETERMINE if such and such… )
There is no evidence provided, or otherwise, that the buys of GME are affecting any other area in the market. This is top tier speculation at its best, but I guess what can you expect from journalists now…
Is the derivatives market really the stock market, or simply a casino where the richest can capitalize on creating misfortune for those who aren’t in their club?