Sacca — an early backer of Twitter, Uber, and Instagram — also said that he “bought the dip,”. In other words, the billionaire bought assets that plunged in price. He jokingly predicted that asset prices will continue to plummet to punish his bullish behavior.
“The market is going to continue to freefall,” he tweeted. “Why am I so certain of this? Because I did some buying today.”
Sacca insisted on the dangers of margin debt because it caused him trouble during his college student days, two decades ago.
“I kited my student loans, YOLO’d them to $12m, and then, in a blink, I woke up $4m in debt,” he tweeted at the height of the GameStop short squeeze in January of this year.
He underlined the “hopelessness and depression” that comes with falling into debt, after noting a month earlier that he was “beyond worried” about people using apps to trade stocks and crypto on margin.
Since 2017, Sacca’s focus was on climate change, voter suppression, and criminal-justice reform.
