Bollywood Legend Amitabh Bachchan Makes Millions on Bitcoin Overnight
Indian movie megastar Amitabh Bachchan has reported a 70 times return on investment (ROI) in his stock holdings of Meridian Tech after a little more than two years. How did his investment make so much money in such a short amount of time? Apparently, it was the massive rise in the bitcoin price.
In 2015, the Bachchan family invested $250,000 into cloud storage and e-distribution startup Meridian Tech. The Bachchan family’s “investments were made through two separate accounts,” said Meridian founder Venkata Srinivas Meenavalli, “$150,000 [USD] from Amitabh’s account, and $100,000 from a joint account belonging to Amitabh and Abhishek.”
Then, in 2017, Meridian Tech decided to shift focus, becoming a “blockchain technology empowered solutions provider.” Since the transition, the company has provided microfinance services via cryptocurrencies across the globe.
Once Meridian Tech linked its worth to the performance of cryptocurrencies, Bachchan’s stock investment skyrocketed in value.
LongFin Corporation CEO: ‘Stock Rise Was Unexpected.’
Last week, Meridian Tech’s primary asset Ziddu.com was acquired by US-based financial and technology company LongFin Corporation, a blockchain company also financed by Meenavalli. The move came following LongFin Corp’s listing on NASDAQ.
The company took over Ziddu from its associate Meridian Tech Pte. for 2.5 million restricted shares. Therefore, based on Bachchan’s 2015 investment, he received 250,000 shares of LongFin.
The acquisition of Ziddu.com got even sweeter for Bachchan when the value of its stocks roared upwards on the exchange. Meenavali said to Bloomberg, “It’s crazy, frenzied speculation on the cryptocurrency announcement, which we never expected.”
LongFin’s stock prices had already spiked more 1,000 percent due in part to the bitcoin price rally. And once the news of the Ziddu acquisition went out, LongFin’s stocks rose by another 2,500 percent.
At press time, LongFin trades for $70 per share, with a market cap assessed at $17.5 million. Those gains, combined with the value of Bachchan’s original Meridian stocks, works out to be a 70 times ROI in just 30 months.
Amitabh Bachchan is a legendary movie star of Bollywood, the Hindi language film industry. In terms of output, Bollywood is the largest film industry in the world. According to Forbes, Bachchan is the 18th highest paid actor in the world.
The actor also owns 3.4% in equity in Hyderabad based Stampede Capital that deals in equity and currency broking.
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