Investing
Russian Stock Dumped for 1 Cent Shocks Retail Investors on EToro
The trading platform told users that it would liquidate positions in Russian supermarket operator Magnit, leaving many saddled with large losses.
EToro website on a smartphone.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Dmitriy Knyazev knew that owning any Russian stocks amid the country’s invasion of Ukraine was dicey. But, he reasoned, it was a long-term bet he could manage.
That calculus changed when he got a surprising message Thursday from his online broker, EToro: His 7,357 shares of Russian supermarket operator Magnit PJSC — a company that weeks ago was worth billions of dollars — were being sold for about 1 cent each.