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Jesse Livermore’s Wall Street Legend

Financial Times Markets •
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Jesse Livermore was a Wall Street legend whose career swung from massive gains to devastating losses, culminating in his suicide in 1940. The Financial Times rarely covered him, finding only 10 mentions before his death and 19 after. His first FT article, dated 3 October 1921, noted his switch from bullish to bearish bets, including a short on Mexican Petroleum that backfired as the market rebounded. In 1922 he was reported aboard the *Aquitania* to Southampton, described as a “well‑known figure on the American Stock Exchange.”

By 1924 Livermore was involved in the Teapot Dome scandal, helping sell shares of Mammoth Oil in a venture that the FT called a “dismal failure.” His most famous move came just before Black Tuesday, 22 October 1929, when he reportedly earned $100mn shorting the market—roughly $1.5bn today or $30bn relative to the economy—making it one of the largest trading hauls in history.

In 1934 the FT recorded his last bankruptcy, listing liabilities of about $2.5mn against assets of $184,900, and noting his struggle with depression. Livermore died by suicide at age 63 in the Sherry‑Netherland Hotel’s cloakroom. Despite his notoriety, the FT’s coverage was sparse, reflecting the era’s limited cross‑Atlantic reporting.

Livermore’s life remains a cautionary tale of risk, ambition, and the volatility that still plagues the stock market today.