Tom Sosnoff

Last updated
Tom Sosnoff
Born (1957-03-06) March 6, 1957 (age 67)
New York City, New York
Nationality American
Academic career
Field Finance
Options trading
Entrepreneurship
Alma mater University at Albany, SUNY
Website www.tastytrade.com

Tom Sosnoff (born March 6, 1957) is an entrepreneur, options trader, co-founder of Thinkorswim [1] and tastytrade, and founder of Dough, Inc. He was senior vice president of trading and strategic initiatives at TD Ameritrade. [2] [3] [4] [5] Sosnoff promotes option trading as a financial strategy for the individual investor.

Contents

Early life and education

Sosnoff, a native New Yorker, [6] got his first job as a caddie at the age of 13. [7] In 1979, Sosnoff received a BA degree in political science from University at Albany, SUNY and immediately began working for Drexel Burnham Lambert. [2] [7]

Career

Sosnoff worked as a market maker at the Chicago Board Options Exchange through the Sosnoff Sheridan Group in the 1980s. [8] In 1999, Sosnoff co-founded Thinkorswim, an online brokerage firm specializing in options trading for individuals. [8] In 2009, Thinkorswim was sold to TD Ameritrade for $750 million [9] and Sosnoff personally received $84 million from the sale. [10] In 2011, Sosnoff announced that $20 million in venture capital had been raised for his new company tastytrade. [9] His aim in founding tastytrade was to create a financial news show focusing on options, mixing content with comedy similar to the " Daily Show ". [11] [12] In 2014, a Silicon Valley venture fund, Technology Crossover Ventures, invested $25 million into Dough Inc., also founded by Sosnoff, which includes tastytrade. [12] [13]

In January 2021, tastytrade was acquired by IG Group for $1 billion. [14] [15]

Options trading

Sosnoff hosts a financial news show on tastylive, previously known as tastytrade, where he focuses on teaching individuals how to trade options via original skits and educational content. [16]

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References

  1. ↑ Roeder, Davis (September 26, 2006). "INVESTools to buy thinkorswim for $350 million in cash, stock". Chicago Sun-Times . Archived from the original on April 17, 2016. Retrieved June 11, 2015– via HighBeam Research.
  2. 1 2 "Executive Profile: Tom Sosnoff". Bloomberg Business . Retrieved 25 April 2015.
  3. ↑ Fink, Jim (May 28, 2010). "My Evening With Options Trader and Entrepreneur Tom Sosnoff". Investing Daily. Retrieved 25 April 2015.
  4. ↑ Marek, Lynne (July 16, 2011). "Thinkorswim's Tom Sosnoff dives into the talk show pool". Crain's Chicago Business . Retrieved 25 April 2015.
  5. ↑ Needleman, Sarah E. (July 6, 2011). "Online Financial Talk Show Tastytrade Piles $20M On Its Plate". The Wall Street Journal . Retrieved 25 April 2015.
  6. ↑ Cohen, Deborah L. (October 28, 2010). "Tom Sosnoff Wants To Produce A 'Daily Show' For Investors With Tastytrade". Reuters . Retrieved 25 April 2015.
  7. 1 2 Fox, Bud (March 22, 2010). "Interview With Thinkorswim's Tom Sosnoff". Benzinga . Retrieved 25 April 2015.
  8. 1 2 Melissa, Allison (2001-12-23). "Sosnoff's new brokerage firm lets individuals trade options". Chicago Tribune. Retrieved 2023-08-03.
  9. 1 2 Needleman, Sarah E. (2011-07-06). "Online Financial Talk Show Tastytrade Piles $20M On Its Plate". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-08-04.
  10. ↑ Lynne, Marek (2011-07-16). "Diving into the talk show pool". Crain's Chicago Business. Retrieved 2023-08-03.
  11. ↑ Cohen, Deborah L. (2011-10-28). "Entrepreneur Wants To Produce A 'Daily Show' For Investors". Reuters. Retrieved 2023-08-04.
  12. 1 2 Pletz, John (2014-07-17). "Sosnoff, Ross get $25 million to make Dough rise". Crain's Chicago Business. Retrieved 2023-08-04.
  13. ↑ Sack, Carlin (2014-02-24). "How Tom Sosnoff's team is taking dough.com to 1 million users in just two years | Built In Chicago". How Tom Sosnoff's team is taking dough.com to 1 million users in just two years. Retrieved 2023-08-04.
  14. ↑ M, Muvija; Sarkar, Indranil (2021-01-21). "Britain's IG to buy tastytrade for $1 billion in U.S. foray". Reuters. Retrieved 2023-08-04.
  15. ↑ Pletz, John (2021-01-21). "Another big payday for this serial entrepreneur". Crain's Chicago Business. Retrieved 2023-08-03.
  16. ↑ Oladipupo, Solomon (2023-02-22). "Online Broker Tastyworks Rebrands to Tastytrade". Finance Magnates. Retrieved 2023-09-06.
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