This post is for a small investor who lost his life savings in the Stock Market. He was caught into the tug of war between Wall street and Main street guys and made decisions that erased his entire life savings. He owes a tonnes of money and risk losing his home over this. Update 1 - I received message from Elysse Morgan host of business and investing program on the Australian ABC network. She thinks a lot of people can learn from my story. I am grateful to her for reaching out and showing interest in my story. I hope to speak with her soon. Update 2 - I am extremely grateful for the responses I have received online and privately on my campaign. A lot of people have reached out wanting to get more details on what happened and how I ended up with so much loss. Hence, I am sharing more details on this. Hopefully others can learn from my foolishness. Chain of events :-  Since beginning of Jan/2021 I was following GME stock on reddit, stocktwits and news. There were plenty of commentary on both bull and bear side. I was closely following the stock on reddit and bought into the narrative that the stock is #goingToTheMoon. 01/22 and 01/25 - I started trading the GME stock reading the commentary on the reddit channel. I initially saw some profits on however, on 01/25 the GME stock plummeted from highs of ~140s to 70s. Several hedgefunds downgraded the GME stock and it seemed all hell is breaking loose. It was all over the news that the rally has fizzled out and the stock is going down. This is very typical of short squeeze and pump and dump scenario. All my profits were gone and I sold the stock in loss. This got me anxious and nervous and I started reading news on GME to figure out what is going on. I was convinced that the stock rally was over and now its time to sell. On - 01/25 when the stock price started rising again, given all the negative news I decided it is rational to sell call options. I sold 01/29 $115 GME call options at a premium of $45. In my opinion this was safe bet since I would not have any losses even if the stock rises to all time high of $160. 01/25 after hours -  Elon Musk and Chamath Palihapitiya tweeted on the reddit post that triggered the stock to climb in the afterhours. I frantically tried buying back the call options but that was the first time I realized I cannot buy options after hours. I realized had to wait for the next day to cover my trade. I couldn't sleep through the night and only could sleep at 4AM. 01/26 - I woke to the biggest horror of my life. IBKR covered my calls when the GME stock price was above $300. I was devastated, my heart was racing and I was in sweats. It felt like I am getting heart attack. I closed the app, shut down my phone. I did not know what to do next how to survive this. All my life saving, my home equity everything was down the drain in a day. I could not face my family and just shut myself for rest of the day. All the time I was wondering how foolish I was to get into this situation. I could not share any of this with my family since my 60 yrs old mother lives with me and she has history of heard condition. My wife just delivered a baby and is not in right mindset to handle this. I contemplated suicide at one point. However, one of my friend talked me out of it. He also suggested creating a gofundme campaign to get help from the community. Since then I have received a lot of harsh comments online. People have called me all sorts of names including moron, stupid, jackass. People even asked me to commit suicide and die. I don't deserve to live. People on WallStreetBets blocked me and asked me to just die just because my trade(in which I lost all my life savings) was opposite of what they were suggesting. Probably they are right and I don't deserve to live however, there are plenty of people who think otherwise. I am humbled by the support of several people who came out in support. Some donated and others shared my story. I received a lot of messages and emails asking me to stay strong, even asking for resume so they can help me in getting work. I am humbled and grateful for all the support I got from the community. While I am writing this, I am in tears.  Please continue to show your support. Please share this message with your friends and family. I would be happy if someone can learn from my foolishness and save their life's work.


 


Note :- This fundraiser is created by Justin for my friend Saurabh who lost his life savings. We plan to use the funds to pay down his debt that he still owes to the IBKR and to pay down his other debts that he owes to banks(high interest loans) due to the money lost.

James R Grant Jr

balaji chekka

Ram Annadi 

Anonymous

Anil Mallavarapu

saikiran Nadella

Srikanth Pallabothu

Veera Babu Pakalapati

Kishore Budde

Sathish Muthukrishnan

Chaitanya Kiran P

Small investor lost life savings in $GME fiasco

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Small investor lost life savings in $GME fiasco

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