Justin Sun loses $7.5 million on WallStreetBets bets

Justin Sun, founder of Tron, built a portfolio of assets promoted by participants in the r/WallStreetBets group on Reddit, which lost about 70% of its value in two days.

On Monday, Sun allocated $12 million to buy shares of GameStop and AMC Entertainment, as well as silver. In a tweet accompanied by screenshots from his brokerage account, he wrote that “they are ready to moon”.

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

As a result of trading on Tuesday, the value of the positions collapsed to $4.5 million. GameStop stock fell by 60%, AMC Entertainment by 41.2%, silver ounce by 8.2%. Sun did not comment on his next moves: whether he managed to limit losses or decided to hold the assets in hopes of a rise.

As reported by the media, films about the twists of the standoff between r/WallStreetBets users and hedge funds on Wall Street will be shot by Metro-Goldwyn-Mayer and Netflix.

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