Japanese Billionaire Yusaku Maezawa Says He “Regrets” Losing $41 Million In The Stock Market
Tue, 09/08/2020 – 22:00
Japanese billionaire Yusaku Maezawa – who is best known for participating in Twitter stunts, including agreeing to be Elon Musk’s lab rat for SpaceX’s planned trip to the moon – took to the internet this week and offered up a deep bow in the form of a Twitter post revealing he had lost $41 million in an attempt to trade stocks during the midst of the pandemic.
In a post he called “Deep Regrets”, the founder of online fashion retailer Zozo Inc, said he lost money on day trading and publicly expressed regret for the enormous sum of money he lost. He then “vowed to recover it through his business,” according to the South China Morning Post. In the industry, we call that chasing your losses.
Maezawa wrote: “I was blinded by the virus-driven market swings and lost 4.4 billion yen through repeated short-term trading of stocks, something I haven’t familiarised myself with. With 4.4 billion yen, how many people could the money have been given out to and saved? There’s no end to this regret.”
Maezawa made his money like any poor capital allocator does; by finding a worse capital allocator. He sold his company Zozo Inc. to Yahoo Japan, a subsidiary of Softbank, last year.
Maezawa had previously said he was going to give away $9 million USD to 1,000 of his Twitter followers that were selected at random for re-tweeting a post he made on January 1. He called it a “serious social experiment” to see if money made people happier.
But judging by his own “deep regrets” due to his massive trading losses, there may not be a point of such an experiment now – plus, he may just need to hold on to the money.
Source : zerohedge.comFollow us: