It's a story that looks more like a dodgy footnote advertisement than serious news published in a major daily newspaper.
The incredible jackpot hit by Jake Freeman is nevertheless very real.
According to the
Financial Times
, this 20-year-old American economics and mathematics student managed to make a capital gain of 110 million dollars in a few weeks on the financial markets, and this in a single operation.
In July, thanks to money collected from his friends and family (25 million dollars all the same), the applicant acquired five million shares of Bed Bath & Beyond, a New Jersey company known for its stores stocked with household utensils, priced at $5.50 each.
At that time, the value of the group was low and many investors did not hesitate to “
short
” it (bet on its collapse).
Rush of private speculators
The company then benefits from a resurgence of purchases, in particular from private investors, who begin to support the title, such as Gamestop, or AMC before it.
At the end of July, the title took off while the results were down.
The young man therefore decided to sell his shares then listed at more than 27 dollars, for a total of 130 million.
A wise decision since since then the title has continued to plunge.
It lost 20% on Thursday August 18 alone, and is currently only trading around 10 dollars.
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A financial success immediately celebrated in Las Vegas with friends?
Not really.
During his interview on Wednesday, it was rather surprise and incomprehension that dominated the new millionaire: "
I certainly did not expect such a vicious race to the top
," he said, "
I thought that it would be a bet on more than 6 months... I was really shocked that it went up so quickly
”.
After the sale, he was content to have dinner with his parents in the suburbs of New York where they live, before taking a plane back to Los Angeles where he is studying.