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Social Network Meets Trading in Online Showdown Over Millennials

Oct. 2, 2020, 2:05 PM

Jay Smith isn’t a professional money manager. He’s just a 32-year-old living in southern England who spends his days playing the stock market.

But Smith, better known online as Jaynemesis, drives the investment decisions of more than 21,000 people with $40 million in assets who copy his trades on a digital platform called eToro. When he loads up on shares of FedEx, so do they, and when he shorts the Nasdaq index, they do that, too.

All of this is taking place on EToro, which calls its service copytrading. While the feature has played a key role in attracting more than...

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