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Most investors are happy making money, but Justin Sun is one of those who are happy losing money.
Calm seems to have returned to the Wall Street realm as the hype of WallStreetBets came to an end. After a massive pump orchestrated by thousands – perhaps millions – of amateur investors who joined forces on the biggest short-squeeze in decades, the invisible hand of the market pulled its strings returning the prices of several meme stocks very close to their initial state.
Indeed, many shared their insane profits after buying GameStop, AMC, Blackberry, Nokia, and silver before the pump, making 10X and even 100X gains. Justin Sun, the founder of Tron, was one of the investors who bought these stocks… But he is not among the ones bragging about their mad gainz.
Justin Sun Makes a $10 Milllion Bet on the Wrong Stock
Justin Sun joined the stock rush in late January, and he went big: His first move was a $10 million purchase of GameStop stocks. He decided to go for $10 million because $1 million seemed like too little of an investment.
$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! 💪🏻@WSBChairman @wsbmod pic.twitter.com/d494a77RNq
— Justin Sun🌞 (@justinsuntron) January 29, 2021
A few days later, he shared on Twitter his decision to invest in $AMC, another stock that was being pumped by the guys of r/WallStreetBets. This announcement was followed by a $1 million silver purchase.
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 community has got your back!! Let the battle continue!
— Justin Sun🌞 (@justinsuntron) February 1, 2021
All of these investments came just in time for, erm, the dump.
An expensive PR strategy. Effective, but expensive.