A 10-year-old San Antonio boy made a killing by selling GameStop stock he was gifted more than a year ago.
Jaydyn Carr’s mother, Nina, spent $60 for 10 shares of the video game chain’s stock in December of 2019 that she gave him for Kwanzaa to reflect Ujamaa, one of the festival’s seven principles that focuses on cooperative economics.
With GameStop’s share price skyrocketing this week behind a speculative frenzy driven by a Reddit chat group, Jaydyn sold the shares Wednesday for a little less than $3,200, the San Antonio Express-News reported.
“My phone was going off, because I have GameStop on my watch list,” Nina said of watching the share price surge. “I was trying to explain to him that this was unusual. I asked him ‘Do you want to stay or sell?’”
The mother-son investing duo said $2,200 of the funds would go to Jaydyn’s savings account and that they’d put the other $1,000 toward future investing.
The GameStop stock surge that shook Wall Street has left many scratching their heads.
After sitting around $18 three Fridays ago, the stocks for the struggling gaming company GameStop doubled in four days. It kept shooting higher, before nearly doubling on Tuesday and then more than doubling again on Wednesday to $347.51. On Thursday, it gave back a chunk of those gains and was down to $229. But it's still up an amazing 1,250% through the first few weeks of 2021.
If that read like Pig Latin to you, you aren't alone. Thousands across the world have been left baffled by the sudden phenomena. And proving this is the social media account of a United Kingdom-based journalist who has been flooded with queries about the stock exchange, thanks to her rather misleading name.
London-based journalist Zoah Hedges-Stocks recently took to Twitter to clarify that despite her rather telling name, she indeed had nothing to do with stocks.
(With inputs from Associated Press)