A man from Minnesota, who had made a fortune from the GameStop stock surge, used the money to buy video games to donate them to a children’s hospital in Minneapolis.
20-year-old Hunter Kahn is one of the amateur investors who made huge profits when GameStop saw a rapid surge in its stocks- almost 1,500 percent increase in the company’s share price-over the period of just two weeks. Hunter, a mechanical engineering student in Cornell University, had made around $30,000 from the trading after buying numerous shares at just $30.
He decided to do something good and spent a large share of his bonanza to buy Nintendo Switch Lite gaming consoles and video games from GameStop and donated them to patients at Children’s Minnesota hospital. In conversation with ABC news, he said that he cashed out $30,000 of the GameStop stock that he had bought at $30 to $80 a share last month. He donated six Nintendo Switch Lites, two Nintendo Switches and multiple games and accessories for the children.
ABC News report says that he wanted his donation to be GameStop purchases since that is how it all started and there was no more deserving of Nintendo Switches than some kids going through a hard time.
Kahn had first shared his plan of donating on Reddit where it received almost 175,000 upvotes. He added that it’s important that they don’t become men in suits themselves and use the money for good.
Kahn took to Instagram to announce his donation and netizens showered their love and appreciation for his heart-warming gesture in the comments section.
Hospital officials while talking to ABC News said that Kahn’s contribution put smiles on the faces of sick children being treated there and they are grateful for donations that bring joy to kids, especially during these challenging times. They further said that the generosity of their community makes a difference to kids whose worlds have been turned upside down because of the health crisis.
GameStop had witnessed a sudden surge in their stocks last month thanks to members of Reddit community ‘Wallstreetbets’, a community of thousands of small-time retail investors, who joined in together to buy GameStop shares which caused a huge surge in company’s stocks. The ‘short squeeze’ increased the company’s share price by 1,500 percent and the price touched US $483.00 on January 29, 2021 on the New York Stock Exchange.