Chris Sacca.
Kevin Rose is on the video.
Chris Sacca has warned meme-stock buyers against taking on too much debt. The billionaire founder of Lowercase Capital revealed in a recent tweet that amateur traders are begging him for help after the recent market slump.
Sacca said it was not fun to be right about it.
The former "Shark Tank" investor told retail traders that their gains were down to lucky timing, and suggested they pocket some of their profits.
"I have been in this market for a long time and have taken my time with everyone else," Sacca said. I tried to help people not trade money. My inbox is filled with requests to bail strangers out of margin debt.
While the broader stock market has only fallen slightly, retail traders who made levered bets on a few volatile growth stocks have been hit harder than investors with diversified portfolios, according to Sacca.
The venture capitalist, who was an early backer of the likes of Uber, said that he "bought the dip" and predicted that asset prices will continue to fall.
The market is going to fall further. Why am I certain of this? I did some buying today.
Sacca was in trouble as a college student because of margin debt.
He woke up $4 million in debt after kiting his student loans, YOLO'd them to $12 million, and then, in an f'ing blink, he forgot.
He said that he was worried about people using apps to trade stocks and that he was "hopeless and depression" that comes with falling into debt.
Sacca shifted his focus from betting on technology companies to tackling issues such as climate change, voter suppression, and criminal-justice reform.
Business Insider has an original article.
