Incredible risk taking.
This 33-year-old invested his savings in the meme cryptocurrency with inspiration from Elon Musk
After learning about the meme cryptocurrency on Reddit, Contessoto says he invested over $180,000 in dogecoin on Feb. 5, when it was priced at about 4.5 cents.
Contessoto (who works at a music company in Los Angeles) says he didn’t have disposable income to buy dogecoin, so he took a huge risk. Contessoto not only used all his savings, but he also sold all the stock he owned, including shares of Tesla and Uber, and invested on margin by borrowing money from Robinhood via the app, he says.