The Internet has helped a number of young entrepreneurs accumulate massive fortunes, but the same cannot be said about the traditional stock markets. While Facebook, Twitter and others have created billionaires aplenty, trading stocks hasn't been too kind to young blood.
Sure, everyone remembers the story of Jonathan Lebed, the teenager who amassed hundreds of thousands of dollars by hyping up his penny stocks on online forums, but he had cheated. And this is why the story of Mohammed Islam is groundbreaking.
Nicknamed "Teen Wold," Islam is a 17-year-old from Queens, New York, who has reportedly earned an astonishing $72million from stock trading during the lunch breaks he receives from Stuyvesant High School.
A Muslim of Bangladeshi origin, Islam's first foray into stocks came at the shockingly tender age of nine. He took a few hits earlier in the game by trading penny stocks but soon learned and traded his way to a net worth, which in his own words, is in “the high eight figures.”
After starting his trading career from penny stocks, he dealt small-mid cap equities and derivatives but now trades exclusively in futures markets of oil and gold. During this time, he has developed a sound understanding of the market, and sees himself managing a hedge fund some day, just like his billionaire idol Paul Tudor Jones.
As a result of his success, Islam has become a regular at five star hotels and night clubs where he treats his friends with expensive dinners and pricey champagne – despite he himself not being of legal drinking age. He often posts proof of his riches on his social media accounts by throwing lavish parties and playing high stakes poker tournaments.
He has also bought himself a BMW and rents an apartment in Manhattan, although he isn't allowed to move out by his parents due to their cultural traditions.
While it's promising to see a teen experience such success in capital markets, it should, however, be noted that the world of stock trading is extremely volatile. Millions and billions of investments can and have been erased in one single move. Hence, Islam and his mates should tread carefully.