A 23 -year -old CEO convinced his parents to open a second -year childcare account. He fears
When Steven Wang was in the second year, he convinced his parents to open a childcare account. Now 23 years old, he directs “Dub”, a platform for the exchange of copies aimed at solving the financial gap in literacy among his peers.
A recent investigation into the Harris polls commissioned by DUB highlights the contradiction: while 60% of generation Z and 66% of millennials invest in the stock market outside their 401 (K), only 17% of Americans feel “very confident” in their understanding of the actual functioning of the markets. Most think that investment, rather than a traditional career of 9 to 5 Fortune.
Copy Trading, the underlying concept, allows everyday investors to automatically reproduce transactions from more qualified market participants in real time. Instead of choosing their own actions, users can select verified traders, veterans and other experienced investors to follow. Whenever these investors move, the same business is executed in the user’s account, reflecting strategies and results.
“Ultra-rich are already betting on intelligent people to deploy their capital,” said Wang Fortune. “We bring this experience to ordinary Americans.”
Wang grew up at 20 minutes outside Detroit, the child of poor Asian immigrants who both worked in the automotive industry. He looked at the decline of the city after the great financial crisis and the blows of the automotive industry to families in blue colors, an experience that has shaped his desire to build a more stable financial future for himself.
An self -proclaimed “Hustler”, Wang sold Pokémon cards on the playground and returned Air Jordans to primary school. Growing up, he turned off Warren Buffett Books and Howard Marks Memos, fueled by a self -proclaimed “childish” vision to become rich thanks to equity investments.
“I really learned the hard way,” said Wang. “I compete against hundreds of thousands of people at Wall Street to trade to earn a living … [who] have decades of investment on me. »»
By the pandemic, he was exchanging his Harvard dormitory day – waves of new investors enter the market and lose big due to “media, disinformation and bad timing”. Wang said that it was then that he decided that professional investors’ tools should be accessible to everyone.
DUB is designed to merge the accessibility of social media with the discipline of professional investment, Wang said. Users travel the creators’ portfolios, analyze performance measures and choose investors to copy, with transactions executed automatically in their own accounts. The creators are verified, regulated and offset through fees when others follow their portfolios, which allows incentives for coherent performance rather than actions of unique memes.
Wang does not avoid the dub paradox-the company takes advantage of the influencers’ power, but also tries to build a layer of trust and responsibility, he said.
“Each DUB portfolio has a transparent assessment,” said Wang. “You can see exactly how each creator worked over time. It is not a question of media or viral threshing, these are verified results.”
However, the platform operates in a market dominated by what Wang calls “Fintok” – financial influencers on Tiktok and Instagram coils whose videos of the size of a bite have become a main source of investment advice for 62% of the Z generation, according to Harris Poll Survey. Wang understands the attraction: “creators on Tiktok can probably communicate better with my generation than any Stodgy financial advisor.” But he warns that the lack of responsibility for social media can be dangerous.
“If someone is mistaken on social networks, he simply removes video and moves on,” he said.
An resurgence in meme actions – trolleys pumped by online communities and detached from fundamentals – reflects a generation with the desire to earn money quickly and a reluctance to put in more difficult and slower work than real.
Wang insists that Dub does not consist in reproducing this behavior under another name. The difference, he says, is a platform with regulated and verified professionals, transparent performance data and written commercial justifications directly in the application. Users get more than a button to copy the trades – they also see the reflection behind them.
“Dub does not replace deeper learning,” admits Wang, but it aims to make the process less intimidating while promoting a progressive understanding.
Wang has taken measures to establish confidence with users from the moment he designed the application, and DUB spent more than two years working with dry and finra before launch, registering as a broker and investment advisor, and ensuring that the accounts are delivered with standard investor protections, he said.
Wang believes in markets as “the greatest generator of wealth in the world”, but wants his generation to address them with more caution than he had done as an investor in the past.
“This is the gap that Dub is trying to close,” said Wang. “We are here to establish confidence, not trends.”
