Tron founder Justin Sun’s portfolio of stocks, focused on those pushed by the notorious WallStreetBets subreddit, has dropped significantly in the last three days—down 70% from when he bought in.
His portfolio was inspired by the WallStreetBets movement that rose to awareness last week when a group of redditors bought so much GameStop stock that it squeezed the hedge funds shorting the stock—who had to exit at heavy losses. At the time, they said it was about sending a message to Wall Street. But after seeing massive spikes, the stocks have come crashing back down.
On Monday, Sun tweeted that he had invested $12 million into GameStop, AMC and Silver, proclaiming that they were “ready to moon.” He provided a breakdown of the amount of shares he purchased at how much he bought them for, showing that the majority (some $10 million) was in GameStop.
However, GameStop and AMC stocks started sliding before crashing by over 50% yesterday.
In total, for #wallstreetbets holdings, we bought $GME 31900 with average price 313.9 cost 10013410 USD. $AMC 64700 with price 15.45 cost 999615 USD. $SLV 36300 with price 27.49 cost 997887 USD. Ready to moon 4 billion Asian community & 20 mil #TRON community is here! pic.twitter.com/Rt3aWAsCXP
— Justin Sun (@justinsuntron) February 1, 2021
At press time, GME is trading at around $90, AMC at 7.82, and silver at $27.11 per ounce. At these prices, the value of Sun’s “WSB assets” stash plunged to $4.36 million, wiping away over $7.5 million worth of his investment. Sun hasn’t mentioned whether he sold any of the stocks or if he is still in his position.
The only trade not significantly affected was silver. While many media reports indicated that WallStreetBets was trying to pump silver, the actual forum appeared to be markedly against that idea. As Decrypt reported, the redditors claimed they were not trying to pump silver, because that would help out the hedge funds—many of which were going long on the metal—and do the exact opposite of what they hoped to achieve.
So while there was some volatility in the silver market, it was nothing like what happened to GameStop and AMC.
News Source from Decrypt.co