Billionaire investor Chris Sacca says day traders are begging him for bailouts — and reveals he bought the dip
Chris Sacca.YTube/Kevin Rose
Chris Sacca warned retailers not to bet on meme stocks and cryptocurrencies with borrowed funds.
The billion dollar investor is now making rescue applications after the recent market slump, he said.
Sacca announced that it took advantage of the sell-off by buying discounted assets.
Chris Sacca has repeatedly warned meme stock buyers and cryptocurrency fans not to load up debt in order to grow their profits. Now amateur traders who have ignored his advice are asking him for help after the recent slump, the billionaire founder of Lowercase Capital recently revealed in a tweet.
"It's no fun being right," Sacca said, referring to a year-long tweet.
In that tweet, the former “Shark Tank” investor told retailers that their profits during the pandemic were due to lucky timing and suggested that they cash in some of their profits.
"I've been in this market a long time and took my lumps with everyone else," Sacca continued. “I was just trying to help people not trade money they don't have.
While the broader stock market has fallen only slightly, retailers who have leveraged a handful of volatile growth stocks are more affected than investors with diversified portfolios, Sacca emphasized in a subsequent tweet.
The venture capitalist - an early supporter of Uber, Twitter and Instagram - also announced that it "bought the dip" and jokingly predicted that asset prices will continue to fall to punish its bullish stance.
"The market will continue to be in free fall," he tweeted. "Why am I so sure of that? Because I bought something today."
Sacca highlighted the dangers of margin debt because it got him into trouble as a college student two decades ago.
"I patched up my student loans, cut them down to $ 12 million, and then in no time woke up $ 4 million in debt," he tweeted at the height of the GameStop short squeeze in January this year.
He underscored the "hopelessness and depression" that comes with culpability after noting a month earlier that he was "more than concerned" that people are using apps to margin trading stocks and crypto.
Since 2017, Sacca has shifted its focus from betting on tech companies to issues like climate change, voter suppression and criminal law reform.
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