At 10, his GameStop actions earn him thousands of dollars

A fifth-grade student saw his piggy bank fill up all at once when he recouped his mother’s investment in GameStop shares.

• Read also: Common front against Wall Street funds and brokerage platforms

• Read also: Jostled by stock marketers, Wall Street ends its worst week in three months

• Read also: Rise of GameStop: a revolt against the Barons of Wall Street?

10-year-old Jaydyn Carr and his mother told several US media outlets how his 10 shares in the video game resale business earned him more than $ 3,000.

In December 2019, Nina Carr, decided to give her son 10 GameStop shares bought for $ 6.19 each as a gift for the Kwanzaa party (an African-American party held for a week from December 26 to December 1). January).

The woman had printed a diploma to explain to the child that he owned a tiny bit of the company where he liked to go and buy used games.

At the same time, the mother wanted to sensitize him to “ujamaa”, a Tanzanian concept of social and economic development policy and one of the principles of Kwanzaa.

Ms. Carr explained to San Antonio Express News that she then installed an application on her phone and computer to monitor the stock price.

It was quite a surprise midweek when she saw that the stock price had risen exponentially after millions of small investors bet against the reviews of at least two hedge funds.

“Suddenly I heard ‘ding, ding, ding, ding, ding’. I grabbed my phone and saw the stock was $ 351. I thought to myself, ‘it’s impossible, I bought them for six dollars,’ ”she said.

She immediately took her son out of his virtual class to ask him what he wanted to do with his actions.

“I tried to explain to him that it was something exceptional. I told him “do you want to continue or sell?” “

Jaydyn decided to sell her shares and pocketed $ 3,200, a return of over 5,000% on the initial investment.

“I was in shock, but very angry at the same time”, explained the child.

He said he had decided to keep $ 2,200 to himself and that he would invest the remaining $ 1,000 in shares of Roblox, an online multiplayer video game for children and teens that is expected to go public in the next few months. weeks.

“Long-term investing is important because that’s how I was able to get that money back,” he said.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.