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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...
Lauren Simmons is the perfect example of a story about turning tragedy into triumph. In an op-ed for CNBC, the history-making Wall Street trader talked about how her journey was full of twists and turns — but it was her humble origins that kept her grounded. “One thing I’ve noticed is that, in general, most people have poor spending habits and struggle to save money. It may sound intense, but I save 85% of my annual income,” she explained. Additionally, Lauren Simmons also went into great detail about the difference between her needs and her wants. She saves money by taking care of her housing expenses upfront, splitting the cost of “treats” (like streaming service subscriptions) with other members of her family, plus ditching gym fees and taking part in free and outdoor activities to take care of her physical fitness. She also explained how she likes to travel — and saves money by traveling during the “off-season” instead of the peak season. Sometimes, she said, she can save up to...
Abraxas Higgins is a sensation making a splash in the fashion, lifestyle, and social audio space, but his journey into the creative realm was not overnight. Before becoming a successful content creator, he worked for seven years in the financial sector at the largest global asset management company, BlackRock. Abraxas Higgins managed to climb toward the top starting as an intern and landing a role as a strategist on Wall Street. Arguably, Abraxas Higgins was at the peak of his game but discontent loomed in the back of his mind because he knew there was far more he wanted to pursue. Higgins believed it was time to make a shift to pursue his lifelong passions. Taking a leap of faith, he quit his well-compensated position and moved to Los Angeles to work as a digital strategist for rapper David Sabastian. In this transition, Abraxas Higgins found his footing and the confidence to branch out into the creative industry. As he branched out, he became a spectator of fashion and indulged in...
In 2017, Lauren Simmons seemed to be on top of the world. She made Wall Street history — and Black history — when she became the youngest full-time female trader on the NYSE. She was also the second Black woman in history to become an equity trader in the NYSE’s history. As can be expected, her story went viral. “In 2017 I said no to limiting beliefs so I could say yes to shattering glass ceilings and making history. I continue to bet on myself and stand above all the no’s people throw my way. Frankly, I thrive on people who doubt me,” Lauren Simmons said on Instagram. But for all her achievements — and all the success that followed as a result of this groundbreaking moment — she was, according to Black Enterprise, making a measly $12,000 per year (which translates to $1000 a month). View this post on Instagram A post shared by Lauren Simmons (@lasimmons) For purposes of understanding, the US Department of Labor says the poverty threshold for a single person under 65 is, as of...
Many may not know the story of Jeremiah G. Hamilton, Wall street’s first Black millionaire. Depending on the source, Hamilton’s 40-year Wall Street legacy is either frowned upon because of his alleged dishonest business practices or admired for his creative business acumen in a time where a Black man prospering on Wall Street seemed impossible. What is undisputed is that Hamilton died in 1875 as the richest Black man in the United States with a $2 million estate that would be equivalent to about $250 million today , according to Shane White, author of “Prince of Darkness: The Untold Story of Jeremiah G. Hamilton, Wall Street’s First Black Millionaire.” Twitter At the age of 20, Hamilton first made his mark on the financial world via a counterfeit coin scam where he transported a freight of fake coins from Canada to Haiti in order to sell them to New York businessmen, according to The Atlantic. When Haitian authorities caught wind of Hamilton’s counterfeit ring they issued a $300...