Chris Sacca is known today as an extremely successful venture capitalist, with stakes in Instagram, Kickstarter, Uber, Twitter, and dozens of other prominent startups. What’s less well known is the story that started his incredible journey, involving millions of dollars made and millions lost on the back of recklessly invested student loans.
Having succeeded in school his entire life but having no idea what he should do with his life, Chris took the natural step of going to law school. He quickly realized two things: Going to law school classes is entirely optional, and when the government sends you a student loan check, it’s possible to use that money for day trading.
Chris hit the stock market in 1998 and invested in several of the hottest tech stocks of the decade. Not only did he invest the bulk of his student loans, but he found loopholes in the terms and conditions of day trading platforms at the time that allowed him to leverage it thousands of times over. Sacca turned what we can only assume was tens of thousands of dollars in borrowed money into $12 million by 2000.
How Chris Sacca turned his student loans into $12 million… and then lost it all | PandoDaily
Having succeeded in school his entire life but having no idea what he should do with his life, Chris took the natural step of going to law school. He quickly realized two things: Going to law school classes is entirely optional, and when the government sends you a student loan check, it’s possible to use that money for day trading.
Chris hit the stock market in 1998 and invested in several of the hottest tech stocks of the decade. Not only did he invest the bulk of his student loans, but he found loopholes in the terms and conditions of day trading platforms at the time that allowed him to leverage it thousands of times over. Sacca turned what we can only assume was tens of thousands of dollars in borrowed money into $12 million by 2000.
How Chris Sacca turned his student loans into $12 million… and then lost it all | PandoDaily
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