By all accounts, Mohammed Islam is a stock market genius. In recent weeks, several news agencies have reported that the 17-year-old high school student made more than $70 million on Wall Street. Although the teen is enjoying a life of luxury, several sources suggest his reported net worth was a gross exaggeration.
Islam’s partner, Damir Tulemagabetov, said the outrageous number “started as a rumor.” Although he did not disclose his partner’s actual net worth, Tulemagabetov said Islam is indeed a “great trader” and a “genius.”
Mohammed Islam is a member of the Leaders Investment Club, which is a trading club for teens. As reported by Business Insider , a representative with the Leaders Investment Club confirmed that Islam’s net worth was greatly exaggerated. However, the club blames the media for perpetuating the inaccurate number.
“… Mohammed Islam has been rumored to have made $72,000,000 through making trades in the stock market. 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.”
Tulemaganbetov said he and Islam are overwhelmed with all the attention. He said they are both stunned that Islam “became famous all over the world in 24 hours.” Although he admits his partner’s net worth is a rumor, he said they will “make it clear” during a planned interview with CNBC .
Mohammed Islam’s net worth is likely less than $72 million. However, the high school student is living the dream . As reported by New York magazine, the teen has an apartment in Manhattan and recently purchased a BMW.
Islam said he his cousin taught him how to trade on the stock market when he was just nine years old. Although he started with penny stocks, he is now “into trading oil and gold.” It is unclear how much Islam actually made. However, he previously stated that his net worth is somewhere in the “high eight figures.”
Mohammed Islam said Paul Tudor Jones is his hero. Although he has experienced losses, he quotes Jones, who said: “you learn more from your losses than your gains.”
Islam’s net worth was likely exaggerated. However, his success, at such a young age, is truly inspiring. The son of Bengali immigrants, Mohammed Islam said “it’s not just about the money.” The teen said he and his friends “want to create a brotherhood” of young investors.
[Image via NYMag ]
