Man Who Lost More Than $100,000 By Short-Selling Stock Ends His GoFundMe Campaign

KaloBios Short Selling

Joe Campbell, an amateur stock trader, went to bed with $37,000 in his online brokerage account and woke up with a bill for $100,000 owed to ETrade, has ended his online plea for help.

Campbell was playing the stock market in the hopes of short-selling a pharmaceutical company called KaloBio, when overnight its shares exploded, after notorious hedge fund manager, Martin Shkreli, purchased a majority interest in the company.

KaloBios shares surged from $2 to $16 overnight. Because Campbell had bet against the company, his ETrade account not only went to zero, but he was on the hook for an additional $106,445.56.

Campbell started a GoFundMe page to fix his financial situation, but only days after it launched, and raised just over $5,000, he called off the campaign.

Here is the note he left after ending the GoFundMe campaign:

GoFundMe Campaign for short selling a stock

KaloBios had laid-off 17 employees and was preparing to wind down operations before Martin Shkreli swooped in to save the company.

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You will likely remember Shkreli as the man who purchased a drug used to help aid patients and then promptly increased its price by 5,000%. 

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.