10-year-old makes huge profit off GameStop

Monday - 01/02/2021 10:59
Jaydyn Carr made a huge amount of money from his GameStop shares but he already has plans for more investments. Picture: Nina CarrSource:Supplied
Jaydyn Carr made a huge amount of money from his GameStop shares but he already has plans for more investments. Picture: Nina CarrSource:Supplied
Supplied Jaydyn Carr Gamestop story. Picture: Nina CarrA 10-year-old’s mum was looking to teach him about long term investment and now he has his eyes on expanding his share portfolio.

A 10-year-old boy has pocketed a hefty amount of profit from shares he owned in GameStop after Reddit renegades sent the stock price skyrocketing.

Two years ago, his mum gifted him 10 shares worth $US60 ($A79) in the video retailer’s stock, despite her son wanting an Xbox One.

Mum Nina Carr told CNN she bought her son Jaydyn the shares to teach him about investing. The GameStop share price has surged more than 1700 per cent since the start of the year and Jaydyn decided to take advantage of the high share price.

He cashed in his shares making $US3200 ($A4100).

RELATED: Why Reddit is causing panic on Wall St
 

Mum Nina Carr bought the GameStop shares for her son Jaydyn as she sets out to make sure he is financially educated. Picture: Fox Business
Mum Nina Carr bought the GameStop shares for her son
Jaydyn as she sets out to make sure he is financially educated.
Picture: Fox BusinessSource:Supplied

 

It comes amid a battle between Reddit users trying to stop the “fat cats” of Wall Street from betting on stock going down and making a huge profit. Instead, they have been buying up stock sending the share price soaring.

Ms Carr said Jaydyn was a keen GameStop customer and she even framed the stock certificate when she gifted him the shares.

“It was very cool that I got stock in one of the companies that I mostly used,” Jaydyn told CNN.

RELATED: ‘Sick, irrational’ frenzy plaguing GameStop

GameStop shares have fluctuated wildly in the past week but one enterprising young man cashed in at the right time. Picture: Chris Delamas/AFP
GameStop shares have fluctuated wildly in the past week but
one enterprising young man cashed in at the right time.
Picture: Chris Delamas/AFPSource:AFP

 

While Jaydyn would look at the stock price for fun, his mum was the one keeping a keen eye on the shares. She had set up an alert to keep track of the price and her phone went into meltdown on Wednesday, showing the stock had reached $US350 ($A459).

Ms Carr pulled her son away from his virtual school work to reveal what was happening with the share price.

The year 5 student from Texas decided to sell the shares when they were sitting at $US320 ($A419), but he’s already looking for his next investment.

He’s stashing away $US2000 ($A2620) in savings, while $US1000 ($A1310) will go towards shares with Microsoft and Roblox, an online gaming company.

Source:

 Keywords: Reddit, GameStop

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