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Wall Street day traders found themselves shocked and confused last week when Reddit’s stock price climbed to heights of 58 percent, surpassing the expectations of even the most liberal investors on r/WallStreetBets. The social media site , which is primarily used for sharing opinions, discussing niche topics and delivering daily news to millions of user-generated in-groups, reported $348.4 million in Q3 revenue according to data on Yahoo Finance . While these sky-high figures would be a bit surprising to most financial analysts, they were especially shocking to Wall Street insiders , who were reportedly planning to short the RDDT stock based on their expectation that the site would lose money during the most recent earnings report . In order to understand why and how the Reddit stock was able to surpass expectations, we’ll have to take a brief look at what’s changed in the site’s business model in recent months, watch similar stocks such as META and NVDA, and study the industry...
Michael Jordan had an unconventional way of signing Stephen Jackson. In 2009, Jackson joined the Charlotte Bobcats (now the Charlotte Hornets) and had a debut averaging 21.1 points, 5.1 rebounds, 3.6 assists, and 1.6 steals in 39.3 minutes across 72 games, the Basketball Network reports. That year, the team appeared in the NBA postseason for the first time. In 2010, Jackson received mentorship from Jordan, who had acquired majority team ownership the same year. As AFROTECH™ previously reported, the former owner, Bob Johnson, had sold his stake for a reported $275 million, ESPN noted, while The Charlotte Observer stated it was $180 million. “I come out of the game, I’m asking him, he’s telling me certain stuff that he sees that I should do…,” Jackson said, according to the Basketball Network. “ How many people can say that? How many people can say that they’re sitting on a sideline with MJ?” Beyond guidance, Jordan also helped save Jackson’s playing career. During an “All The Smoke”...
Joe Smith knows firsthand what it’s like to go from making over eight figures to losing it all. In 2018, the former NBA star and No. 1 draft pick appeared on MLB star Alex Rodriguez’s show “Back in the Game” due to financial trouble, according to CNBC. The goal was to teach Smith how to bring in more revenue and decrease his spending. The show would support Smith’s coaching business, which he started in 2015, so he could be in a better financial standing.
During the 90s and early 200s, the world saw an influx of people proudly flaunting their money and all of its material assets. From the big chains to the high-end brands, luxury and the allure of wealth were in excess. Fast forward to today, and not much has changed. However, some people who had that flashy mindset years ago have changed their perspectives on how they use money and maintain wealth. Former NBA superstar Matt Barnes is an example of those who admitted he needed to mature as it related to his relationship with wealth. Maybe Biggie and the squad were right – “Mo Money Mo Problems.” Barnes entered the NBA in 2002 as the 46 th draft pick of the Memphis Grizzlies. He was immediately traded to the Cleveland Cavaliers on draft night and eventually landed a spot in the NBA’s D-League. He would soon land with the Los Angeles Clippers and play for several separate teams before he retired in 2017. His first official contract was a one-year deal with the Clippers worth $249,531....