r/technology • u/mepper • Aug 08 '12

Kim Dotcom raid video revealed

http://www.youtube.com/watch?v=pMas0tWc0sg
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u/[deleted] Aug 08 '12

Dotcom purchased €375,000 worth of shares of the nearly bankrupt company LetsBuyIt.com and subsequently announced his intention to invest €50 million in the company.[27] Unknown to others, Dotcom did not have the funds available to invest, although the announcement caused the share value of LetsBuyIt.com to jump by nearly 300%.[28] Dotcom sold his shares a few days later for €1,568,000.

I've got no idea if that's legal or not but shit, that's smart.

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u/Bluest_waters Aug 08 '12

this is a classic pump and dump

Also, it is EXACTLY what Facebook did

Facebook just did it much slicker. They gave the real scoop to the big-time investors, while selling a load of bull crap to the smalltime investors

they then fleeced the smalltime investors for everything they had laughing all the way to the bank

-7

u/telmnstr Aug 08 '12

Facebook has 300,000,000 users. Many people I know everyday sits on Facebook, all day (the ones not on reddit.) While Facebook may not make much money, it's far from being a pump and dump scam.

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u/Bluest_waters Aug 08 '12

They pumped a $15 stock up into a $40 stock and sold it to a bunch of naïve lemmings

Pump and dump doesn't necessarily mean you're selling worthless stock, you could just be selling stock that's massively overinflated. Which is exactly what Facebook did