One Reddit user said they lost their life savings after Luckin Coffee’s plummeting shares erased €224,000 (about $252,000) from their portfolio.
The WallStreetBets subreddit member on Wednesday posted a screenshot of their 95% loss, adding, “Now I’m broke af.”
Luckin’s shares nosedived 80% on April 2 after announcing that employees including its chief operating officer falsified 2.2 billion yuan (about $310 million) in sales throughout 2019.
Shares fell further through May after a months-long trading halt was lifted and the Nasdaq exchange issued a delisting warning.
“I didn’t know they could cheat on balance sheet … and that a company can just fail in 3 months,” the Reddit trader wrote.
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The lawless members of the Reddit forum WallStreetBets are at it again, celebrating a member’s €224,000 ($252,000) loss on Luckin Coffee shares.
A Reddit user with a somewhat vulgar screen name shared a screenshot on Wednesday of a 95% loss on the Chinese coffee chain’s stock. The user, who described themselves as a 28-year-old European fitness coach, said they were intrigued by Luckin’s 300% gain from November to January. After they piled more than €235,000 ($264,000) into the company’s shares, disaster struck.See the rest of the story at Business Insider
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