Mohammed Islam, the teen who made $72 million, is grabbing headlines. Islam is only seventeen and he has more than $72 million on his bank account. The teen, who attends Stuyvesant High School in Manhattan, has been using his lunch breaks to master the market since the age of nine, and his $72 million fortune is proof that he is; now, a professional. The gifted teen plans to open a hedge fund next year and make $1 billion.
Mohammed Islam’s $72 million fortune was made during his lunch breaks. Meet Mohammed Islam, a 17-year-old student from Stuyvesant High School in New York, who discovered the stock market at the age of 9.
For the past 8 years, the “$72 million teen,” has been skipping lunch time for something more important – Wall Street. At 9, he started focusing on penny stocks, small-mid cap equities and derivatives.
At the age of 10, his cousin introduced him to further financial markets, he went on to dabble in oil and gold, and rapidly began making millions. Islam stated that he was inspired by billionaire Paul Tudor Jones, the founder of Tudor Investment Corporation to take risk and to rise after setbacks. The teenager explained:
“Jones’s personality and technique are what make him so successful and I aspire to become even one per cent of the man he is. He went through obstacles, yet still came out on top.”
Mohammed Islam has been enjoying his fortune by having lavish birthday parties and occasionally inviting his pals to dinner where they feast on $400 caviar (see photos below).
He has also purchased a BMW and rented an apartment in the Big Apple, but his parents, who are immigrants from the Bengal region of South Asia, will not allow him to move out of their family home in Queens, until he is 18.
The “$72 million teenager” had the following to say about his parents:
“My dad doesn’t like [finance] that much.He says he is ok with me trading, but my mom is skeptical about the market. But they see it as, if I am good at it, then why not?”
In June of 2015, Islam will be 18 and will be able to get a broker-dealer license. He plans with two other friends to open a hedge fund, make one billion dollars while attending college.
The teen explained the real reason for the hedge fund:
“But it’s not just about the money.We want to create a brotherhood. Like, all of us who are connected, who are in something together, who have influence.Like the Koch brothers.”
Update:
It was revealed that Islam’s success was greatly exaggerated. The youngster has confessed that he did not make all of this money. According to experts, Islam only made few millions, which is still a great accomplishment at this young age. The teen told CNBC:
“The attention is not what we expected – we never wanted the hype. This was about friends trying to make something exciting together.”
What are your thoughts on Mohammed Islam’s story?
