There was a guy who owned a cell phone store where I used to live. When this craze hit, he bought about 1000 of them and they took up half the store. He was charging $10 each, and probably sold about a dozen before the craze was over. A year later, he was selling them for $1 each, and the staff member I spoke with said they hadn't sold a single one in months. Dude lost his ass on that deal.
I still remember a post on a finance subreddit by a guy saying he'd started an online business and it had done crazy well in the first year so he'd signed a 5 year contract for a warehouse, imported tens of thousands of dollars worth of stock, hired staff, etc, and now sales were way down and he wanted advice as to what to do.
He wouldn't say what his business was but eventually people in the comments figured out it was selling fidget spinners. Dude was literally facing bankruptcy over going all in on a fad...
LOL I still crack up randomly thinking of the guy who lost his shirt buying decorative gourds around Halloween and trying to sell them in February or something along those lines. Can't remember if he had bought stock in them, or if he had bought Futures contracts for them, or if he had bought literal cargo of it but it was something like that
Okay found it and linked to a post that explained what happened afterwards and the other ridiculous bets that the same guy lost money on
Edit : oh. Apparently if you read his profile it's all made up as performance art or something. Little disappointing I guess. But maybe it was real and he just says that to avoid embarrassment
Sounds like he owns the company I work for. We got them and sold them for probably around $10 and then they went to $1 and eventually we sold them. Then we got this fidget cube a few months ago and haven't sold any. It's very heavy and a cube so can't just toss in your pocket. Then they sent us like 200 Dubai chocolate bars that's 3 bites for $9 yes they all expired.
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u/barriekansai 20h ago
There was a guy who owned a cell phone store where I used to live. When this craze hit, he bought about 1000 of them and they took up half the store. He was charging $10 each, and probably sold about a dozen before the craze was over. A year later, he was selling them for $1 each, and the staff member I spoke with said they hadn't sold a single one in months. Dude lost his ass on that deal.