Page 50 - Money - November 2018

-RZIWX

THIS SUMMER, DANNY CAO logged on to Reddit
with some big news to share: He had just
lost more than $180,000.
-RWMHI engineer had gone onto a popular section of the
A few days before, the 24-year-old software
XLI -RXIVRIXŞW site known as /r/wallstreetbets to claim he had
just placed an enormous wager on several
technology stocks, shortly before they would
;MPHIWX release their quarterly earnings.
“Facebook/Amazon/Twitter hit it out of the
park and I am mega rich,” he had recently
-RZIWXMRK *SVYQ bragged, hoping to impress fellow traders and
the many rubberneckers who flock to the site
for just this kind of all-or-nothing gamble.
Cao’s boast, which he backed up with what
Reddit’s /r/wallstreetbets turns sound investing looked like screenshots of his account—to
advice on its head. BY JACOB DAVIDSON boost his credibility and also the drama of the

MONE Y. C O M NO VEMBER 2 018 ILLUSTRATION BY NICHOLAS LITTLE