 | |
Type of site | Financial literacy Day trading |
|---|---|
| Headquarters | Lee, New Hampshire |
| URL | ragingbull |
| Launched | 1997 |
RagingBull.com is a website focused on financial literacy and day trading.
| | |
Type of site | Financial literacy Day trading |
|---|---|
| Headquarters | Lee, New Hampshire |
| URL | ragingbull |
| Launched | 1997 |
RagingBull.com is a website focused on financial literacy and day trading.
RagingBull.com was founded in August 1997 by Bill Martin with college partners [1] Rusty Szurek and Greg Wright, who were 19 years old at the time, as a hobby. [2] It was begun in a basement with an initial investment of $30,000 from savings and credit card loans. [3]
By mid-1998, the website had 8,000 registered users. [4]
David Wetherell, CEO of CMGI, discovered the website while on vacation. [3] In October 1998, CMGI invested $2 million in Raging Bull for a 40% stake. [5] At that time, the co-founders were each 21 years old. [4]
In February 2000, AltaVista, which was majority owned by CMGI, acquired the website in a stock transaction. At that time, Raging Bull had 425,000 registered members, 12 million daily page views, and message boards where users posted 35,000 messages per day. [6] [1]
In January 2001, Terra acquired the website. [7] [8] [9]
In February 2006, Terra's Lycos division sold Quote.com and RagingBull.com to Interactive Data Corporation for $30 million, which integrated them into eSignal. [10]
In June 2017, Chuck Jaffe was named chief editor of the website. [11] After a short, 6-month "experiment" with Jaffe as editor, the site changed direction and Jaffe was released from his position. [12]
In December 2020, the Federal Trade Commission accused the company of defrauding consumers out of more than $137 million over the previous three years and making it difficult for customers to cancel their monthly subscriptions. [13] In December 2021, the owners of the site agreed to pay $700,000 in refunds to New Hampshire customers and an additional $675,000 in administrative fines to settle claims by state securities regulators. [14] In March 2022, RagingBull.com as well Sherwood Ventures LLC and defendants Jason Bond and Jeff Bishop paid $2.425 million to settle what the FTC called "bogus stock earnings claims" and a hard to cancel subscription service. The company also agreed to modify certain marketing practices. [15] [16]
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