How The "Facebook of China" Became a $300M Fraud

Рет қаралды 60,635

Жыл бұрын

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Renrenwang was a Chinese social media company that was once called the Facebook of China. In 2011 they IPO'ed on the New York Stock Exchange raising more than $700 million. By 2018 their social media platform had completely imploded and became almost completely worthless. The one valuable asset they still owned was a 13% stake in SoFi. CEO Joseph Chen as well as other insiders and sold the SoFi stake to themselves at a 50% discount, at the expense of minority investors.
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Пікірлер: 97

@Super-lq2he Жыл бұрын

Moral of story is: never renren away with investors money

@gomahklawm4446 Жыл бұрын

Well done.

@StampitisDP Жыл бұрын

Lol

@jacky2152 Жыл бұрын

At least they told investors that they will renren at the onset

@yensteel Жыл бұрын

They lack 忍忍

@fathertimegaming17 Ай бұрын

No.

@escape209 Жыл бұрын

Softbank just can't catch a break can they?

@Jeez001 Жыл бұрын

Son is just one of most incompetent VCs out there he got lucky with Alibaba and rest is history.

@chris_yang Жыл бұрын

Soft-in-the-head-bank

@bertustenbrinke9231 Жыл бұрын

It’s funny how a $300M fraud can suddenly seem almost trivial.

@QO0OD Жыл бұрын

Why those Softbank guys always involved in financial bull shits.....? Wework, Greensil and this one...

@samsonsoturian6013 Жыл бұрын

Distinguish between the company and the bankers who get performance based pay

@jasonreviews Жыл бұрын

don't invest in chinese companies simple and sweet

@GSimpsonOAM 19 күн бұрын

"don't invest in chinese companies simple and sweet" Of course there have never been dodgy US companies. Enron Theranos etc

@Jimifan57 Жыл бұрын

I live in China, arriving in 2010, and RenRen was a carbon copy ripoff of Facebook. It was trash, and it seemed that the only people who used it were those who had recently graduated from college. Once they got a job and could afford a smartphone, they pretty much abandoned RenRen in favor of QQ (instant messaging), and later WeChat, which provides instant messaging as well as "moments," which allows you to post what you're currently doing in text, photo or short video format for all of your contacts to see.

@Bordeaux1979 Жыл бұрын

Whatever SoftBank invests in bet against it

@youknowitzg00d Жыл бұрын

It true at all...

@ETS186 Жыл бұрын

I really don't get why would anyone want to invest in an offshore company that is a subsidiary of another company that has a contract with the actual company in China. That's basically investing in Chinese stocks is.

@moneyobsessed Жыл бұрын

And even if you are Chinese and buy real shares, you can't get your rights in courts unless you get a powerful politician behind

@arnoldvosloo220 Жыл бұрын

@@tripplefives1402 And you've apparently forgotten that dividends exist.

@eurynomei3753 Жыл бұрын

They do have fiduciary duty... but not to you! Not even with a ten-foot pole

@unobooks Жыл бұрын

300million was just dope money for adam neumann

@Passionate_Potato Жыл бұрын

Love this channel

@AtillatheFun Жыл бұрын

I run away from anything that Chamath is involved in. Dude is shady and full of scams.

@unobooks Жыл бұрын

hear hear

@Thatsh1tsdingo Жыл бұрын

Scamath. Not chamath. That guy “if he can be called one” is a lizard in human skin. How much money did he steal thru SPACs? Every one he promoted have lost like 90%.

@azizkash286 Жыл бұрын

Avoid Chinese investing like the plague

@Visiontech 5 ай бұрын

Excellent and keep'em coming!!!

@sourcecode5273 Жыл бұрын

I enjoy these videos.

@holeeshi9959 Жыл бұрын

"facebook of China".....ahh....that's probably one of the reasons

@Mamamoosa Жыл бұрын

Meta Stock: *screaming*

@levansegnaro4637 Жыл бұрын

Ooh no, someone get mark a bag of ice for that burn

@TinRapper Жыл бұрын

I don’t know if it’s true but if you look at the face of frauds, you feel uneasy, something isn’t right with this person. Like Thanos, Juicero founders, and this guy.

@unobooks Жыл бұрын

yea, this guy really looks sleazy like some back alley pimp who pimps out his wife and daughter

@nemeanlioness Жыл бұрын

Fraud advertising come right before these vids.

@sodaa2489 Жыл бұрын

Hindsight is 20/20 unfortunately.

@MrRedsjack Жыл бұрын

What is preventing Ren Ren shareholders (thise that aren't going to get the special dividend) from dumping their shares now that they are expensive?

@nigelpar Жыл бұрын

Never invest in Chinese companies.

@gqueirogabr 14 күн бұрын

Softbank has entered the chat 😅

@the_odr9166 11 күн бұрын

Funny cos renren literally just translates to human human

@jakedaly7906 Жыл бұрын

Goated

@escape209 Жыл бұрын

with the sauce

@jeffshackleford3152 Жыл бұрын

I am not sure if that is a really bad picture of that guy, but if that is what he looks like, I would never trust him with any of my money.

@oye4511 2 ай бұрын

👍👍

@danielx40 Жыл бұрын

I recently went back to Renren to download photos with my high school gf. That’s basically the only thing you can do now.

@armchairwomanmao2922 Жыл бұрын

Just another off brand product ✌️😑

@grantguy8933 Жыл бұрын

Same will happen to Facebook meta.

@samsonsoturian6013 Жыл бұрын

They're a lot of things, but they ain't a fraud. They just get the hate because people envy their money, or are afraid of people knowing about their porn searches and/or rude things they said when arguing politics

@Mamamoosa Жыл бұрын

I’d be okay with facebook going away. We don’t really need it.

@grantguy8933 Жыл бұрын

@@Mamamoosa we not only not need it we also will thrive and live better. It’s total poison to our society.

@samsonsoturian6013 Жыл бұрын

@@Mamamoosa but you use it

@Mamamoosa Жыл бұрын

@@samsonsoturian6013 me? I don’t. The poor sap this account is tied to maybe. But me? Never.

@iamagiantslayer Жыл бұрын

Great video. you've reminded me of what someone once said ❤ Making money is an Action, keeping money is behaviour, Growing money is Knowledge. I once attended a seminar and ever since then I have been waxing strong financially, and I must tell you the truth.

@halitamoldova9439 Жыл бұрын

@James tunis There are scammers but they are real brokers out there looking for investors

@vanesslifeygo Жыл бұрын

Will all of the blood in META it's even easier to consider that as opposed to any Chinese stock

@sweetfacelola5540 Жыл бұрын

NEVER DO BUSINESS WITH ANY COMPANY FROM ASIA!! NEVER BUY ANY STOCK... JUST SPARE YOURSELF!!!

@ppipinping Жыл бұрын

Moral of the story: don't invest in China

@michaelsomething7674 Жыл бұрын

I never heard of the company

@iamagiantslayer Жыл бұрын

@kane8691 Жыл бұрын

Where are you getting your script? It is sold to multiple youtube channels.

@kidd32888 Жыл бұрын

What do u mean,?

@kelvin-zh9fm Жыл бұрын

What are the other channels

@dangda-ww7de Жыл бұрын

Never trust those greedy chinese.

@pepguardiola5951 Жыл бұрын

last

@RandomStuffPT Жыл бұрын

Lol... nice research buddy. Ren ren is proununed jen jen, literaly person person which means everyone/everybody

@dxuhuang Жыл бұрын

R is not pronounced as J in Chinese.

@RandomStuffPT Жыл бұрын

@@dxuhuang ni shi zhong guo ren ma?

@dxuhuang Жыл бұрын

@@RandomStuffPT 是的。

@RandomStuffPT Жыл бұрын

@@dxuhuang I cant read hierogliphs, write pynyin plz

@dxuhuang Жыл бұрын

@@RandomStuffPT if you can use KZfaq, why can't you use Google translate? I'm not here to prove my knowledge of Chinese to you. I'm a native speaker and will leave it at that.