Tron Founder Loses $8 Million to GME Pump-and -Dump Saga But Refuses to Sell His Stock
Last month, investors pumped and dumped GameStop. The drama surrounding the whole episode has seen some of the GME short-term investors withdrawing massive profits from the sudden but brief surge in the value of the asset. However, not every investor could benefit from the rise as Justin Sun lost a shocking $8 million for failing to “dump” his stock on time.
Meanwhile, Justice Sun stood out from the crowd and refused to sell. In his remarks, he noted that he has just observed a correction, so he is still keeping onto his stock. Though he has lost 80% of his GME stock investment, he is optimistic that his SME holdings will always yield a positive result.
Sun Optimistic that GME Will Still Rise Again
The TRON Foundation founder believes that GME is just experiencing a correction like any other stock. In a recent Bloomberg report, Sun has refused to sell any of his GME stocks despite the fall from January’s record level. Sun bought $10 million of GameStop stock following the stock’s pumping by investors protesting the Wall Street’s sanction against GME trading. But the crypto entrepreneur still believes GME stock will still rise soon.
As you might have known, GameStop made the headlines after Robinhood banned GME stock trading. This followed a group protest by some Reddit investors who saw Wall Street’s action against GME as high-handedness. They also accused Wall Street of being bias against retail investors in favor of big investors. Hence, the Reddit investors launched a joint action buying GME stock and pumping it until the stock climbed 600% last month. But unfortunately, the euphoria that accompanied the rise in the stock didn’t last long as the price crashed while GME backers turned to something else, dumping the stock.
Probably Celebrity Endorsement
In addition to his passion for cheap and virtually worthless stocks, the crypto investor has also joined the latest crypto investment trend, which depends largely on celebrity endorsement of some tokens. For example, Elon Musk has recently contributed immensely via his tweets to pump DOGECOIN– a token that has made billions of dollars in 2021. Other celebrities such as Snoop Dogg and Mia Khalifa are not left behind in the trending celebrity endorsements.
Sun believes GME stock will rally the same way DOGE rose following Musk’s promotion and pumping of the stock. Sun also announced that he might hire some celebrities to launch a massive promotion for TRON as a kind of meme-induced token.
Sun insisted that he would keep holding his stock even if he loses because of his stern belief in “paradigm shift.” He stated that unlike in the past that they had to follow investment tips from analysts, investors now make their own decisions independent of any external influence.
Apart from GameStop, Sun also purchased $1 million stock from AMC, an entertainment firm. The same misfortune that occurred to GME after being pumped and dumped has now happened to AMC. The TRON founder has also refused to sell this too.