My high school economics teacher @ZehnerMr used to tell a story about one of his buddies who was an executive at a tech company that saw massive growth (50x increase in share price in a few months) during the dot-com bubble. The company will remain unnamed.
He says the day the bubble burst, a bunch of friends were all on a trip (Vegas, I think?) and they were making this guy pay for everything because he was a multi-millionaire (on paper). But as the day went on, and the stock cratered, the guy lost all the money he thought he had.
Every year, Mr. Zehner would tell this story and then being in his friend to talk about his career—and invariably get clowned by a bunch of high-schoolers about something that happened in Vegas 15 years prior, which I'm sure was part of the appeal for Mr. Zehner.
It makes me happy to think that one day econ teachers will bring in their friends to talk about the week they were GameStop millionaires.
In what's probably the true moral of the story, the friend ended up okay. He landed at another firm and sold it to Oracle for $900 million.
In what's probably the true moral of the story, the friend ended up okay. He landed at another firm and sold it to Oracle for $900 million.
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