A known YouTuber says he lost a fortune after he invested in the GameStop stock during its hype.
YouTuber David Dobrik, in his latest podcast, “Views,” revealed that he lost a whopping $85,000 from his investment in GameStop stocks. The influencer said that he made the purchase at the height of the push on Reddit last week, reported BuzzFeed.
Dobrik did not technically shell out $85,000 but his actual investment was about $50,000 in stocks. However, since it was nothing but pure hype, the value of the stocks went down, causing the influencer to lose a massive sum.
He initially announced his plans to invest late last week and his subsequent recording revealed that he already lost that much. Dobrik was clearly unhappy in his podcast.
“You know how much I made so far? … I haven’t pulled out yet, but so far I’ve lost $85,000. It’s so bad,” said the YouTuber.
Dobrik admitted that he was really so bad at stocks and he hated them. However, he is drawn to it because he likes gambling, ET Canada stated.
“I’m holding it out … More than a majority of my money is tied up in the stock market, but this time I took matters into my own hands,” said Dobrik.
Just last week, GameStop stock rose exponentially after a coordinated attack from redditors increased their value. Members encouraged one another to pour their money into GameStop so that the value would rise. This caused heavy losses for short-sellers, particularly hedge funds.
The movement in the stock reached Robinhood, a stock trading app, which initially traded GameStop stock, but later halted trading. This even irked Rep. Alexandria Ocasio-Cortez (AOC), a representative for New York’s 14th congressional district, who tweeted the news article about the move of Robinhood and said that such was unacceptable.
AOC also called for a hearing on the app by the Financial Services Committee, to which tech mogul Elon Musk also strongly agreed.
With many having been affected by the hype, it was not only Dobrik who lost a ton of money because of investment in GameStop stocks.