Friday, February 26, 2021

Tron’s Justin Sun loses $8 Million in GameStop Investment

Justin Sun, the founder and CEO of Tron (TRX) has revealed the loss he incurred for joining the bandwagon of GameStop investment. But he’s determined to keep holding the rest.

Most investors are happy while making money, but for Justin Sun, the reverse seems to be the case. He’s losing money and still happy.

Things have been brought back to normalcy after a week full of WallStreetBets hypes and buzzes. After a massive pump initiated by millions of retail investors who joined forces on the biggest short-squeeze in decades.

Read Also: Vitalik Buterin Lashes out at Justin Sun for His Influence on Poloniex, Says IEOs are Dumb

A number of people shared their insane profits after purchasing GameStop, Blackberry, Nokia, AMC, and Silver before the magnificent pump, which later returned 10x and even 100x profits.

Justin Sun happened to be one of the probably millions of investors who bought these stocks for quick gains. But he may have joined too late, resulting in a huge loss for the founder of Tron (TRX).

Justin Sun Invested $10 Million in GameStop Stocks

Justin Sun joined the GameStop bandwagon in late January and went in big. His first buy of GameStop stocks cost him $10 million. He decided to go in big in his first purchase because he thought $1 million is too little of an investment.

Justin Sun tweeted, “$1 Mil doesn’t seem enough, I’ll be buying $10 Mil GME instead tonight from Asia when market opens! It’s time to unite & squeeze out those greedy hedge funds! Wallstreetbets, 4 billion Asian community & 20 mil TRX community supports u! Let’s do this!”

Read Also: Tron’s Justin Sun Narrates His Version of the Events Surrounding Steem-Hive Hard Fork

A few days later, Justin Sun took to Twitter to share his decision to invest in another stock that was also pumped by the guys of r/WallStreetBets alongside GME.

Justin Sun wrote, “After $GME, looks like everyone in #wallstreetbets loves $AMC, so I’ll be buying $1 Mil of AMC on Monday when market opens in Asia! Let’s keep the momentum going everyone! r/Wallstreetbets, don’t worry, I along w/ TRON”

After all of these investments followed the massive dump.

Tron’s Justin Sun loses $8 Million in GameStop Investment

After the dump, Justin Sun himself estimated that he has lost a relatively 75% of the money he invested. In an interview with Bloomberg, Justin Sun revealed that his $10 million investment in GameStop stocks is now worth about $2 million.

Read Also: Justin Sun Has a Big Announcement to Hugely Benefit TRX and the Whole Tron Community

In the course of the interview, the founder of Tron (TRX) revealed his intention to keep holding the stocks despite the huge loss:

“I think I’m going to hold. Even if I lose money on the GME stock, I still believe this is a paradigm shift … In the past we all followed the advice from the financial analysts, and these days people are going to make their own decisions.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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