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Eminem, Mark Wahlberg bankroll sneaker stock market
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Rapper-actor Eminem at the world premiere of '8 Mile' at Los Angeles in November 2002. Eminem is among United States celebrities who invested their money in the sneaker stock market startup StockX. (Featureflash Photo Agency/Shutterstock/Paul Smith)
American celebrities have reportedly invested their money in the Detroit-based stock market startup for sneakers StockX.
Among the investors are rappers Eminem and Wale, fashion designer Jon Buscemi, actor Mark Wahlberg, AOL chief Tim Armstrong, and TV host and radio personality DJ Skee, fortune.com reported on Thursday.
Up to US$6 million was gathered in the funding round that will be used help StockX maintain its present sneaker reselling business, as well as to expand into other product categories, such as watches and handbags.
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StockX was established last year, with the initial aim to be a marketplace for sneakerheads to connect, buy and sell their popular or limited edition sneakers through a live method similar to a stock market. Aside of connecting buyers and sellers, the e-commerce also expects to provide information on the appropriate prices for branded sneakers like Nike, including Jordans, and Adidas.
In a bid to generate more sales, StockX is also planning to expand its business into other product categories. “The idea is to expand into whatever you can buy or sell using a stock market,” said the company's co-founder and CEO Josh Luber. (mas/kes)
