Tomrer Christopher DeVocht became a billionaire by trading Tesla shares at just the right time. Today, he has lost everything and is going to sue his bank.
Tomrer Christopher DeVocht experienced every investor's dream and nightmare at almost the same time. Today, he has lost everything.
Through trading Tesla shares, he managed to turn a modest investment into a fortune of 2 billion kroner. But the adventure came to an abrupt end, and today he is left with nothing.
The story of Christopher DeVocht is a tale of both good and bad luck, of opportunities and pitfalls in the financial world.
Five years ago, the Canadian carpenter started trading Tesla shares and options. It started as a hobby, but when his health forced him to give up carpentry, stock trading became his new livelihood.
According to Bloomberg, his fortune grew to a staggering $2 billion. However, DeVocht chose to leave the money in the market and continued trading. When Tesla stock plummeted in 2022, he lost everything.
Now the former billionaire has filed a lawsuit against a bank and several financial actors, claiming he received bad advice that did not take into account his limited financial knowledge.
"DeVocht must have been good at making cuts to stock options, but didn't really understand much about economics," the lawsuit against the banks and financial advisors the former timberworker surrounded himself with states.
DeVocht claims that the advice he received was primarily focused on minimizing his tax rate and not on securing his financial future. His investment strategy relied, among other things, on a loan from Royal Bank.
At a time when his portfolio was worth 200 million kroner, he approached the bank for a loan for a house. He was advised to invest his wealth in companies and buy as many Tesla shares as possible.
– Among other things, it would lead to lower taxes, DeVocht claims in the documents about the case.
The strategy proved fatal. When the stock market turned around, Christopher DeVocht quickly lost all his fortune. He was forced to sell all his Tesla shares to cover his bank loans.
Now he hopes to recover some of his losses through the lawsuit against Royal Bank. He is particularly unhappy with the advice to donate 200 million kroner to charity.
The case raises questions about responsibility and ethics in the financial sector. How far does the advisory responsibility go when clients make risky investment decisions?
