In brief
- Tron founder Justin Sun has confirmed that he's down $8 million on his GameStop investment.
- The WallStreetBets-fueled stocks plummeted shortly after he bought them.
- However, he plans to hold onto them since "the meme is very important."
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Tron founder Justin Sun confessed that he’s still holding onto his investment in GameStop’s stock—even after it shrunk by 80%, Bloomberg reported today.
“I think I’m going to hold. Even if I lose money on the GME stock, I still believe this is a paradigm shift. In the past, we all followed the advice from the financial analysts, and these days people are going to make their own decisions,” said Sun.
As Decrypt reported, Sun revealed that he invested over $10 million in GameStop and a further $1 million in AMC shares last week. At the time, both stocks were still actively pumped by Reddit group WallStreetBets, trading at around $314 and $15.5, respectively. However, the price of both assets plummeted shortly after.
Ultimately, Sun confirmed that his cache of GME is worth around $2 million now, which means he’s currently down by $8 million on GameStop shares alone.
Speaking to Bloomberg, Tron’s founder also repeatedly highlighted the importance of community-driven trends, noting that Elon Musk is “the representative of meme culture.”
“Elon Musk is not only a company CEO, but he is also the representative of this kind of meme culture and the representative of this kind of new generation movement,” Sun noted, adding, “In the future, these kinds of community-driven trends require company CEOs to be more engaged with the community, with their fan base.”
At the same time, since the booming social networking app Clubhouse became inaccessible for many Chinese users and will likely be officially banned soon, Sun revealed that he is building a local version of it for China.
“[Clubhouse is] a very effective way for people to expand their social networking. But of course, every country has their regulations so we’re definitely going to have this kind of moderation system to help identify and moderate the content,” he said.
Following his own advice, Sun added that he plans to hire more celebrities to promote TRON as more of a “meme-friendly” coin.
He said, “The meme is very important in the cryptocurrency world.” Few understand this.