SOXL (Direxion Daily Semiconductor Bull 3X Shares) Is a leveraged ETF with 3x exposure to the Semi-Conductor industry.
On the 4chan community /biz/ it became a very heavily discussed and promoted asset. This attracted plenty of new members of the sub to invest despite having very little understanding of what it was, so it became a inside joke to mock these people by ironically complaining about the "company" as well as posting fabricated stories about the supposed CEO of the company. This was amplified when the ETF executed a 15:1 split which made it appear as if it had lost 99% of it's value to the untrained trader.
On the 4chan community /biz/ it became a very heavily discussed and promoted asset. This attracted plenty of new members of the sub to invest despite having very little understanding of what it was, so it became a inside joke to mock these people by ironically complaining about the "company" as well as posting fabricated stories about the supposed CEO of the company. This was amplified when the ETF executed a 15:1 split which made it appear as if it had lost 99% of it's value to the untrained trader.
by gdalz March 2, 2021
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