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He’s the teen wolf of Wall Street.
A kid from Queens has made tens of millions of dollars — by trading stocks on his lunch breaks at Stuyvesant High School, New York magazine reports in its Monday issue.
Mohammed Islam is only 17 and still months away from graduating — but worth a rumored $72 million. “The high eight figures,” is as specific as the shy and modest teen would get when asked his net worth.
Islam bought himself a BMW but doesn’t have a license to drive it. And he rented a Manhattan apartment, though his parents, immigrants from the Bengal region of South Asia, won’t let him move out of the house yet.
It’s been a tough month for factchecking. After the Rolling Stone campus rape story unraveled, readers of all publications can be forgiven for questioning the process by which Americans get our news. And now it turns out that another blockbuster story is —to quote its subject in an exclusive Observer interview—”not true.”
Monday’s edition of New York magazine includes an irresistible story about a Stuyvesant High senior named Mohammed Islam who had made a fortune investing in the stock market. Reporter Jessica Pressler wrote regarding the precise number, “Though he is shy about the $72 million number, he confirmed his net worth is in the “’high eight figures.’” The New York Post followed up with a story of its own, with the fat figure playing a key role in the headline: “High school student scores $72M playing the stock market.”
And now it turns out, the real number is … zero.
In an exclusive interview with Mr. Islam and his friend Damir Tulemaganbetov, who also featured heavily in the New York story, the baby faced boys who dress in suits with tie clips came clean. Swept up in a tide of media adulation, they made the whole thing up.
originally posted by: Aleister
Journalism is reaching new lows, some of that attributable to what are called 'citizen journalists' who habitually get it wrong. When the news goes by so fast, and new stories flow like water at a fish festival, real journalists often jump the gun on stories without checking if they are true or not. I'm glad some of them are getting caught at it, it may make editors and reporters more diligent in the future (until they're not).