Inset Photo Credit: tastytrade.com
Tom Sosnoff’s laid back demeanor and long hair make him look like a lot of men you pass on the street. But behind his casual style lies the mind of an entrepreneur with a deep knowledge of starting businesses, managing companies, and trading options.
Sosnoff started earning money when he became a caddie at the age of 13. The job likely prepared him for the business world by teaching him to communicate with others, predict the needs of clients, and rely on himself as a source of income.
Over the next few decades, Tom learned to read market trends and control risk while investing. His foresight even helped him realize the growing importance of internet technology in trading options.
Everything that you learn about the serial entrepreneur shows that hard work, intelligence, and persistence pays off – Tom Sosnoff’s net worth is estimated at $100,000,000.
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Table of Contents
Tom Sosnoff, The Entrepreneur
thinkorswim and tastyworks have roots in on the floor of the Chicago Board Options (Exchange). From 1981 to 1999, Sosnoff spent time learning the most sophisticated options strategies in Chicago. In 1987, Scott Sheridan joined Sosnoff. They founded thinkorswim in 1999.
The online options trading platform was groundbreaking for its time, and still leads the pack in the competitive world of options platforms. Highlights include:
- A trading platform that synchronizes across multiple devices
- Educational articles, videos, and webcasts that teach traders at all levels of experience
- Custom share alerts based on price movements and technical indicators
- A straightforward way to trade without hidden fees
5 out of 5 stars
via thinkorswim secure site
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The platform was such as success among options traders that TD Ameritrade acquired thinkorswim in 2009 for $750 million, adding a significant amount to Sosnoff’s growing fortune.
After selling thinkorswim, Tom started developing new ways he could help options traders. His ideas led to the launch of tastyworks, an online trading platform that lets individuals trade:
tastyworks works in conjunction with tastytrade, an online financial content network dedicated to teaching traders a variety of strategies.
Many of tastytrade’s educational videos include interviews and presentations with Tom. Few memberships give people such unrestricted access to the thoughts of a major options trader.
Tom Sosnoff, Options Trader
Tom didn’t appear out of nowhere to start trading options in Chicago. After graduating from University at Albany, SUNY in 1979, he took a job with investment bank Drexel Burnham Lambert.
After gaining some experience, Sosnoff set off on his own to form the Sosnoff Sheridan Group. During this time, he moved from New York to Chicago to learn more about his growing interest in options trading and investing software.
His experiences in Chicago taught him lessons that went against the industry’s common wisdom. While many experts argue that individuals should not invest in options, Sosnoff saw exceptional potential for options trading as a long-term financial strategy.
Tom also emphasizes the importance of delta neutral portfolios for successful trading. He also believes that individuals need the proper education to take advantage of market opportunities. It’s no surprise, then, that his most popular companies place such an importance on financial and investment literacy.
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Tom Sosnoff Award
Tom Sosnoff’s success as an options trader and entrepreneur got a lot of attention in 2014 when he and Kristi Ross won the EY Entrepreneur of the Year Midwest Award. Sosnoff and Ross were co-CEOs of tastytrade at the time.
The award acknowledged Sosnoff’s investment prowess as well as his ability to add humor to complex investment strategies.
The content released by tastytrade did something that few companies could accomplish: it made options trading relatable and fun!
Tom Sosnoff Silicon Valley Whiz
Tom Sosnoff’s passion for online trading platforms and streaming educational content helped make him a darling among Silicon Valley investors.
In 2014, Technology Crossover Ventures invested $25 million in tastytrade’s parent company, Dough Inc, which Sosnoff also owns.
In 2018, tastytrade secured an additional $20 million from Technology Crossover Ventures.
According to tastytrade, it has nearly $60 million in capital funding. The money helps tastytrade and its related businesses build an even better investment platform while producing more educational content for investors.
Tom Sosnoff’s Daughter,
Success runs in the Sosnoff family.
After graduating from Indiana University Bloomington in 2011, Tom’s daughter, Case, became an operations manager at tastytrade.
She advanced quickly, becoming involved in Dough Inc’s business development in 2014 and taking on the roles of CCO and Accounts & Banking Manager at tastyworks in 2015.
Tom Sosnoff remains one of the world’s most successful options traders and entrepreneurs, but he has managed to keep most of his personal life quiet. Everyone knows Case because of her involvement at tastytrade. The rest of his family manages to fly under the radar, though.
Sosnoff has also kept his net worth quiet. Considering how much money he has made from selling successful businesses and trading options, most of his followers believe that Tom Sosnoff’s net worth is in excess of $100,000,000 million.
4.5 out of 5 stars
via tastyworks secure site