* Update: “There was no $72 million, no ‘eight figures,’ not even one figure,” reports New York Observer. The teen tells the paper: “I run an investment club at Stuy High which does only simulated trades.”
No he didn’t, says the Leaders Investment Club.
After performing due diligence and talking with Mohammed Islam himself, we have determined that these claims are false and simply been blown up by the media in the interests of sensationalism
Mohammed was on the investment club’s team page before this brouhaha — “Mohammed’s goal is to pave a path in the financial industry that will lead him to become a reputable hedge fund manager” — but his name is now missing.
New York magazine now says: “The article portrays the $72 million figure only as a rumor; we changed the headline on the story to reflect more clearly the fact that we did not know the exact figure of how much he had made in trades. The story itself does not specify an amount. However, Mohammed provided bank statements that showed he is worth eight figures; he confirmed on the record that he’s worth eight figures.”
* New York magazine: A teen made $72 million trading stocks (nymag.com)
* Investment club: He did not make $72 million (leadersinvestmentclub.com)
* The teen trader has never confirmed or denied the $72M figure (businessinsider.com)
* Shouldn’t these kids be in school anyway? (@SallyPancakes)