Wall Street Magnate
 | |
| Private | |
| Industry | Fantasy trading |
| Founded |
February 2011 (company founded) May 29, 2013 (website released) |
| Founder | Lewis Schlossberg and Laurence Cohen |
| Headquarters | Bryn Mawr, Pennsylvania |
Area served | Worldwide |
| Website | wallstreetmagnate.com |
Wall Street Magnate is a stock-trading simulation and community website. It has 25,000 users as of July 2013.[1] Participants are given $100,000 in imaginary currency to build their fantasy stock portfolio.[2][3] Stocks are traded on the website based on data from the New York Stock Exchange, NASDAQ and AMEX. The site also includes social features for users to join clubs, compare portfolios, track a connection's investments or compete for better scores.[4] The idea for Wall Street Magnate was conceived by a securities lawyer, Lewis Schlossberg, and a stock-trader, Laurence Cohen in November 2010 after watching The Social Network.[2][5][6] It was incorporated in February 2011[7] and remained in beta for one year, while college students held competitions on the site.[8] In May 2013, Wall Street Magnate officially released and was made available to the public.[1]
References
- 1 2 Johnson, Ben (July 11, 2013). "Fantasy trading site allows users to 'play' the stock market". Marketplace Tech. American Public Media. Retrieved September 12, 2013.
- 1 2 Arvedlund, Erin (September 26, 2013). "Your Money: Fund managers adjusting for low interest rates". The Philadelphia Inquirer. Retrieved September 26, 2013.
- ↑ Rajmil, Miguel (July 26, 2013). "Technological advances that change the world" (in Spanish). Fox News. Retrieved September 12, 2013.
- ↑ Needle, David (June 6, 2013). "New fantasy stock trading site sees big opportunity in mobile". Tab Times. Retrieved September 12, 2013.
- ↑ "Consumer friendly stock simulation: Wall Street Magnate". Boot Camp. June 20, 2013. Retrieved September 12, 2013.
- ↑ Pena, Maria (June 18, 2013). "Learn to invest in Wall Street ... for free!" (in Spanish). Univision.
- ↑ Business Entity Filing History: Wall Street Magnate, Pennsylvania Department of State, retrieved September 12, 2013
- ↑ Shu, Catherine (July 2, 2013). "Packed with real-time data, fantasy trading site Wall Street Magnate demystifies the stock market". TechCrunch. Retrieved September 12, 2013.