Canadian Stock Trader Says He Made $415 Million From Trading Tesla Stock, Then Lost It All

 

Echoes from the YOLO retail-trading boom

A Canadian stock trader named Christopher DeVocht, a carpenter from British Columbia, turned an initial investment of $88,000 into a staggering $415 million by trading Tesla (TSLA) stock, and Tesla stock options. However, he lost his entire fortune and is now suing the Royal Bank of Canada (RBC) and an accounting firm, claiming they provided poor financial advice, and mismanaged his investment account.

DeVocht now claims that his investment firm and its advisers, RBC Dominion Securities, failed to provide him with adequate financial advice, set him up with a leveraged margin account that offered substantial loans against his portfolio, and encouraged him to continue to carry out risky trades. DeVocht says that he was advised to “accumulate as many Tesla shares as possible” and hold them “as long as possible” to help lower his tax liability.

DeVocht, who lives on Vancouver Island, located off the southwestern coast of Canada and is part of the province of British Columbia, says he started out like a lot of retail day traders, and learned about trading on the internet. After work, he eagerly read about trading on internet forums, like Wall Street Bets. He says that one of his favorite things to trade was stock options on Tesla Inc. stock.

Then in 2019 Tesla (TSLA) stock began an astronomical rally. The stock went up in price dramatically, on what has to be one of the hottest bullish runs in the history of financial markets. And DeVocht, who was good at trading Tesla shares and options, made a humongous fortune. At the end of 2019, his investment account, with the brokerage division of Royal Bank of Canada, was worth C$88,000 ($65,000 USD). DeVocht, a carpenter by day, successfully traded Tesla stock and options during the YOLO retail-trading boom, and within two years, he’d turned that initial nest egg into a staggering fortune of C$415 million ($306 million USD), he says.

Tesla (TSLA) was added to the S&P 500 on December 21, 2020. In the year leading up to its inclusion in the S&P 500, Tesla’s stock price saw a remarkable increase in value. From the beginning of 2020 to its addition to the index, Tesla’s stock price rose by over 3,500% (stock split adjusted). This significant gain was driven by strong earnings reports, increased vehicle deliveries, and overall market enthusiasm for electric vehicles. Also, Tesla (TSLA) had a 5-for-1 stock split on August 31, 2020. This means that for every share an investor owned, they received four additional shares. This means an investor who made a $2,067 investment in Tesla (TSLA) shares in January 2019 would have made a profit of $723,450 by the end of 2020, which is an incredible return on investment!

Yet, all good things must come to an end. Tesla’s (TSLA) all-time high closing price was $409.97 on November 4, 2021 (stock split adjusted). Some people would have just cashed out at the top. DeVocht did not. And when Tesla stock fell precipitously in 2022, he lost it all, according to a lawsuit he filed this week against RBC Dominion Securities, RBC Wealth Management and accounting firm Grant Thornton LLP.

DeVocht’s Tesla investment strategy involved taking huge margin loans from RBC, to invest in Tesla with massive leverage in his margin account. Also, during that time DeVocht went to RBC in July 2020, because he wanted a loan so he could move out of his rental apartment and buy a home. Yes, instead of selling his millions of dollars’ worth of Tesla shares, he wanted to use it as collateral for a home loan. RBC then provided margin loans for DeVocht to borrow against his concentrated Tesla stock position for spending purposes, like buying a home, the lawsuit said. But when Tesla stock plunged in 2022, DeVocht was forced to sell his Tesla stock, at depressed prices, from his excessively leveraged portfolio to pay back those margin loans. DeVocht now claims that the advice he received, geared mainly toward minimizing taxes, was negligent and failed to take into account his lack of financial sophistication.

“RBC considered Mr. DeVocht to be a sophisticated investor,” according to the complaint. “While this was true in respect of his strategies for put and call options in the trading of Tesla shares, RBC failed to appreciate that Mr. DeVocht’s lack of financial knowledge more generally, such as financial planning, and taxes, meant that his overall financial acumen was in fact limited.”

The rapid decline of Tesla’s (TSLA) share price from its 2021 peak likely played a significant role in DeVocht’s calamitous circumstances. After reaching its all-time high, Tesla’s stock experienced considerable volatile declines in price, which would have negatively impacted the value of DeVocht’s investments, especially given his use of margin loans. This volatility, combined with the alleged poor financial advice and mismanagement, contributed to the rapid loss of his fortune. As Tesla’s stock price declined, DeVocht’s brokerage, RBC, issued margin calls against his account. This forced him to sell shares to repay the loans he had taken out using his margin account. The rapid decline in Tesla’s stock price in 2022 significantly impacted his portfolio, contributing to the complete wipe-out of his investments.

DeVocht’s case against RBC and Grant Thornton hinges on several key allegations, including breach of contract, negligence, and breach of fiduciary duty. According to the lawsuit, DeVocht claims the advice he received from RBC and Grant Thornton LLP was negligent and "inadequate," contributing to his account's staggering decline. He also claims that the brokerage failed to properly assess his financial sophistication, or lack thereof.

RBC had no immediate comment Friday and hasn’t yet filed a defense in the case. DeVocht’s lawyer, Sean Hern, declined to comment beyond the complaint. Grant Thornton said it doesn’t comment on matters before the court. “The only statement we can provide at this time is that we’re committed to providing quality services to all our clients in accordance with professional standards,” Grant Thornton said in an emailed statement. 

 

 

The April 8 Solar Eclipse – America comes to the astrological crossroads of Destiny

 

 

 

The April 8, 2024, solar eclipse is a total solar eclipse that will pass over Mexico, the United States, and Canada. The moon will move in front of the sun for approximately 4 minutes. The duration of the April 8, 2024, solar eclipse is indeed quite long, with a maximum duration of totality of 4 minutes and 28.2 seconds in north central Mexico. Sky-gazers across North America are in for a treat. The path of totality can be widely viewed on available solar eclipse maps. The duration of an eclipse can vary depending on your location within the path of totality. For instance, most places along the center-line for the 2024 eclipse will see a totality duration between 3.5 and 4 minutes.

Comparatively, the August 21, 2017, solar eclipse, dubbed the “Great American Eclipse,” was also a total solar eclipse. It was visible within a band that spanned the contiguous United States from the Pacific to the Atlantic coasts. This was the first total solar eclipse visible in the contiguous United States in 38 years. The path of totality touched 14 states, and the rest of the U.S. had a partial eclipse.

Both eclipses are similar in that they are total solar eclipses visible from North America. However, the paths of totality for the two eclipses are different, with the 2024 eclipse visible from Mexico to Canada, and the 2017 eclipse visible from the Pacific to the Atlantic coasts of the United States.

Correlation between solar eclipse and earthquakes

There is a common belief that solar eclipses might trigger earthquakes due to the alignment of the Earth, Sun, and Moon and the associated gravitational pull. However, scientific studies have shown that while there is a slight increase in seismic activity during full or new moons (which is when solar eclipses occur), there is no significant increase in seismic activity during solar eclipses compared to any other new or full moon.

The U.S Geological Survey (USGS) has indicated a correlation between high ocean tides and earth tides (which occur during full and new moons) and earthquakes on shallow thrust faults and undersea subduction zones.

Recent news reports also confirm that the 7.4 magnitude earthquake that struck Taiwan on April 3, 2024, and the 4.8 magnitude earthquake that struck the New York area just days later, only days before the 2024 total solar eclipse, are unrelated to the solar eclipse. So, while it’s an interesting topic of discussion, the consensus in the scientific community is that solar eclipses do not have a significant impact on the occurrence of earthquakes.

Earthquakes before or after the August 21, 2017, solar eclipse

There were several significant earthquakes before or after the August 21, 2017, solar eclipse. Here are some notable ones:

•          Sichuan, China, (Magnitude: 6.5, Death toll: 25) on August 8.
•          Chiapas offshore, Mexico, (Magnitude: 8.2, Death toll: 98) on September 8.
•          Puebla, Mexico, (Magnitude: 7.1, Death toll: 370) on September 19.

 

The gravitational pull of the Sun and the Moon can slightly increase seismic activity during full or new moons (which is when solar eclipses occur). And The U.S Geological Survey (USGS) has indicated a correlation between high ocean tides and earth tides (which occur during full and new moons) and earthquakes. It’s important to note that earthquakes are complex phenomena influenced by a variety of geological factors, and predicting them accurately remains a challenge for scientists.

 

What astrologers say about the April 8, 2024 solar eclipse

Astrologers have a fascinating perspective on the April 8, 2024, solar eclipse. They believe that this celestial event, which falls in the sign of Aries, will bring about significant changes and transformations.

The eclipse is said to occur on the lunar nodes of destiny, which are currently in Aries and Libra. This is believed to be a time of healing from the past and embracing new beginnings. The constellation Chiron, known as the cosmos’ healer, is expected to connect with the eclipse degree, bringing closure to the past. Astrologers suggest that this eclipse will be a time of goodbyes and hellos, a magical journey of sorts. It’s like the universe is hitting the reset button, offering us a chance to start afresh.

For Aries, the eclipse is going to be eye-opening, giving a new window to the past. Taurus might confront their fears and gain a deeper understanding of themselves. Gemini might undergo a personal metamorphosis, bringing in relationships with those who share their values and goals.

Astrologers also believe that the eclipse is ruled by Mars, the planet of warrior energy, and it will affect the U.S. for months to come. It’s as if the cosmos is stirring up a celestial cocktail of change and transformation, and we’re all invited to the party.

So, whether you’re an Aries ready to make amends, a Taurus confronting your fears, or a Gemini meeting new people, the April 8 solar eclipse is set to be a memorable event. Remember to look up at the sky and make a wish. Who knows? The stars might just align in your favor. The next total solar eclipse that will be visible from the United States after the one on April 8, 2024, will occur on August 23, 2044.

 

 

Do We Need To Wait 15 Years For Black Panther's T'Challa To Be Recast?

 

Winston Duke, star of “Black Panther: Wakanda Forever”, believes Marvel Studios will choose another actor to play the original T’Challa character in the MCU, in spite of the character passing away in “Wakanda Forever”, after the actual untimely death of actor Chadwick Boseman. Indeed, Duke, who played M’Baku in both Black Panther films, revealed in an interview with Esquire that he thinks the character of T’Challa is too iconic, and will be recast in a future Marvel film.

"There's no way they'll never recast Black Panther in the future,” Duke said. “There's no way that the saga and interpretation of T'Challa, King of Wakanda, will end. He is Marvel canon. So trust that it'll come.”

However, now the question is, will it take Marvel 15 years to recast T’Challa? In “Wakanda Forever”, we learn that T’Challa became a dad before he died. Nakia (T’Challa’s love interest, played by Lupita Nyong’o) gave birth to Toussaint, the couple’s son in Haiti. And a 5 year-old Toussaint is introduced in a “Wakanda Forever” post-credits scene.

When did the Black Panther first appear in Marvel Comics?

The Black Panther character first appeared in Marvel Comics in "Fantastic Four" #52, which was published in July 1966. The character, also known as T'Challa, was created by writer Stan Lee and artist Jack Kirby. The Black Panther is the first black superhero in mainstream American comics, and he has become a fan favorite, and an important character in the Marvel Universe.

And since the Black Panther first appeared in Marvel Comics in "Fantastic Four" #52, it would be fitting to introduce the recast T'Challa in Marvels upcoming "Fantastic Four" movie. Disney has made changes to the release schedule of the Marvel Cinematic Universe, and one of those films being delay is Matt Shakman's Fantastic Four film, which will be now debut in theaters on February 14, 2025, instead of its previously announced November 8, 2024. So, Kevin Feige, can we get a recast T'Challa/Black Panther in the "Fantastic Four" movie?

Black Panther film

"Black Panther" the 2018 Marvel Cinematic Universe film that follows T'Challa, the prince of the African nation of Wakanda, as he becomes the king of Wakanda, and the superhero Black Panther, after the death of his father.

After T'Challa assumes the role of king, he is challenged by his cousin Erik Killmonger, who was born in America, and wants to overthrow T'Challa. And Killmonger also wants to use Wakanda's advanced technology to conquer the world. T'Challa is forced to defend his throne, and defeat Killmonger to protect his people and maintain peace.

Throughout the film, T'Challa grapples with the responsibilities of leadership and the weight of his own identity as a superhero. He is aided by his friends and allies, including Nakia (spy and girlfriend), Okoye (female general), and Shuri (sister and scientist), as well as the spirit of his ancestors.

In the end, T'Challa emerges victorious and decides to use Wakanda's resources to help people around the world, rather than keep them hidden.

"Black Panther" was a commercial and critical success, grossing over $1.3 billion at the worldwide box office. It was the highest-grossing film in the Marvel Cinematic Universe at the time of its release and remains one of the highest-grossing superhero films of all time. The film received praise for its performances, direction, action, and production design, and it won three Academy Awards, including Best Costume Design and Best Production Design.

Here is a list of some of the key personnel who worked on the "Black Panther" movie:

Producers: Kevin Feige, Victoria Alonso, Nate Moore, and Jeffrey Chernov

Director: Ryan Coogler

Screenwriters: Ryan Coogler and Joe Robert Cole

Lead actors:

Chadwick Boseman as T'Challa / Black Panther

Michael B. Jordan as Erik Killmonger

Angela Bassett as Ramonda

Lupita Nyong'o as Nakia

Letitia Wright as Shuri 

Danai Gurira as Okoye

Martin Freeman as Everett K. Ross

Daniel Kaluuya as W'Kabi

Winston Duke as M'Baku

Forest Whitaker as Zuri

***

Black Panther VS The Fantastic Four - Complete Story

https://www.youtube.com/watch?v=MDt8-szMF7A