University of Georgia graduates Nick Dasoveanu and Michael Moldoveanu are creating a new stock live streaming platform, Sweater.
During the height of the pandemic, one of their late night chats transformed into an idea to start a streaming platform for stock and crypto portfolios, and Sweater was born.
Sweater is a platform where anyone can share real time, live streams of their stock and crypto portfolios. On Sweater, the user is able to create groups to show their stocks with friends in real time. The official launch will be July 1, but the site is up now.
The goal of Sweater is to be able to integrate social media and trading. There will be a feature where you can have a private group and invite friends to compete with and view each of the other members' portfolios.
As members of the Reddit group WallStreetBets — the same group that started the GameStop trading phase back in January — they noticed people often share their trades by taking screenshots and posting them on the page.
“I was like, ‘What if people could just stream their portfolios in real time so they didn’t have to post screenshots?’” Dasoveanu said. “Then I could watch Michael’s portfolio go down and laugh at him as he loses money.”
Sweater is accessible to the every day trader, but it is also useful for successful day traders to live stream their investment advice to less experienced traders. It is a free service that anyone can use, but popular traders with valuable insight can charge to view.
“It would serve as another tool in their [traders] arsenal to help them and their followers engage more,” Moldoveanu said.
Moldoveanu, who graduated in 2013, currently works for Facebook and Sweater. Dasoveanu, who graduated in 2021, works full time on Sweater. Both are currently getting ready for its official launch.
Dasoveanu and Moldoveanu hope to see Sweater grow to have a huge user base where every day people, professionals and even schools can use it in a productive way.