A story of growth and fleeting fall thanks to speculative investments in the financial sector.
The protagonist of this story is a Canadian carpenter who in a very short time, and thanks to financial speculation, was able to increase his fortune from 88,000 (Canadian) dollars to 415 million. His name is Christopher DeVocht and he achieved this by investing in various stocks, but mainly in Tesla Inc.
However, as quickly as he managed to multiply his wealth exponentially, by not making the right decisions, he lost everything. In the year 2022, Tesla shares fell sharply, and while other investors had managed to exit in time, he decided to stay, and paid dearly for it.
Financial crisis
How Christopher DeVocht Became a Millionaire
Christopher DeVocht He is a carpenter from Vancouver Island, Canada, and in 2021 he was the protagonist of one of the most impressive streaks in the history of the financial markets. Investing in shares of North American companiesmainly from Tesla Inc, managed to turn a fund of $88,000 into $415 million in just months.
These investments were made under the advice of the Royal Bank of Canada (RBC) fund, which in addition to providing information, also granted loans to increase the level of money invested in the shares. But not everything was rosy for the Canadian; a year later he sued this company for negligence.
Christopher DeVocht and the loss of his fortune
Arguing that RBC did not advise him correctly, and also provided him with loans to increase his investments in Tesla Inc. But the most damaging thing was that they did not inform him precisely when he should sell the shares during the year 2022, which was the period in which they began to fall abruptly.
In this way, His assets fell and he could not meet the loans received. DeVotch argues that because of the initial success of his operations, he was considered a sophisticated investor, but he had limited knowledge of investing in general and the tax implications, which ended up working against him.
During 2022, Tesla stock suffered several pullbacks, and DeVocht attempted to recoup some of its losses through short-term trading financed by additional loans, which only aggravated the situation.
Source: Ambito
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