Italian trader loses his ‘entire life savings’ on one insanely risky position

www.marketwatch.com/story/italian-trader-loses-his-entire-life-savings-on-one-insanely-risky-position-2020-06-03

This year’s been a real grind for Luckin Coffee LK, investors. At one point, Lone Capital held $367 million in stock to lead all hedge funds covered by Insider Monkey. DSAM Partners had $146.2 million worth. Melvin Capital, Renaissance Tech and Tybourne Capital were also bullish on the company, according to Yahoo Finance.

So when the stock, which was already down 89% for the year, had its trading halted back in April amid an investigation into financial misconduct, the losses were felt far and wide.

But one retail investor with a PG-13 Reddit name took a particularly grievous hit.

Yes, StopFapForever, who claims to be a 28-year-old Italian, shared his brutal market mistake with the bunch on WallStreetBets. He apparently he went all-in on Luckin and lost his entire life savings in the process. “Now I’m broke af,” he wrote, posting this screenshot of the carnage: