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.
Tom Sosnoff | |
|---|---|
| Born | March 6, 1957 |
| Nationality | American |
| Academic career | |
| Field | Finance Options trading Entrepreneurship |
| Alma mater | University at Albany, SUNY |
| Website | www |
Early life and education
editSosnoff, 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
editSosnoff 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
editSosnoff 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]
References
edit- ^ 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.
- ^ a b "Executive Profile: Tom Sosnoff". Bloomberg Business. Retrieved 25 April 2015.
- ^ Fink, Jim (May 28, 2010). "My Evening With Options Trader and Entrepreneur Tom Sosnoff". Investing Daily. Retrieved 25 April 2015.
- ^ Marek, Lynne (July 16, 2011). "Thinkorswim's Tom Sosnoff dives into the talk show pool". Crain's Chicago Business. Retrieved 25 April 2015.
- ^ Needleman, Sarah E. (July 6, 2011). "Online Financial Talk Show Tastytrade Piles $20M On Its Plate". The Wall Street Journal. Retrieved 25 April 2015.
- ^ Cohen, Deborah L. (October 28, 2010). "Tom Sosnoff Wants To Produce A 'Daily Show' For Investors With Tastytrade". Reuters. Retrieved 25 April 2015.
- ^ a b Fox, Bud (March 22, 2010). "Interview With Thinkorswim's Tom Sosnoff". Benzinga. Retrieved 25 April 2015.
- ^ a b Melissa, Allison (2001-12-23). "Sosnoff's new brokerage firm lets individuals trade options". Chicago Tribune. Retrieved 2023-08-03.
- ^ a b 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.
- ^ Lynne, Marek (2011-07-16). "Diving into the talk show pool". Crain's Chicago Business. Retrieved 2023-08-03.
- ^ Cohen, Deborah L. (2011-10-28). "Entrepreneur Wants To Produce A 'Daily Show' For Investors". Reuters. Retrieved 2023-08-04.
- ^ a b Pletz, John (2014-07-17). "Sosnoff, Ross get $25 million to make Dough rise". Crain's Chicago Business. Retrieved 2023-08-04.
- ^ 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.
- ^ 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.
- ^ Pletz, John (2021-01-21). "Another big payday for this serial entrepreneur". Crain's Chicago Business. Retrieved 2023-08-03.
- ^ Oladipupo, Solomon (2023-02-22). "Online Broker Tastyworks Rebrands to Tastytrade". Finance Magnates. Retrieved 2023-09-06.