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A much needed feel-good story broke amidst all the chaos, protests, and lawsuits orbiting GameStop's stock. Jaydyn Carr, a 10-year-old GameStop shareholder, cashed in his 10 shares, now worth $3,200.
Unlike the mad dash on the stock made by r/wallstreetbets, Carr was gifted the stock by his mother in 2019 as a Kwanzaa present.
GameStop: Power to the Players
Nina Carr, Jaydyn's mother, told CNN that she bought 10 shares of GameStop's stock.
She wanted to teach her son about the stock market. GameStop was an obvious choice since a fifth-grader had an emotional connection to the company.
"We were always there two years ago, just buying different video games. I wanted to give him the shares of GameStop, so he could have something tangible to hold on to and that way he can appreciate it."
No one could have imagined that 10 shares bought for $60 then would be worth $3200 now. On January 27, Mrs. Carr's phone started buzzing with notifications about the stock surge. Her son eventually sold his shares for $320 each. He said,
"I wanted to sell it then and there because I knew it could drop in seconds."
Later during the interview, Mrs. Carr revealed that after her husband had passed away, she took it upon herself to teach her son about investing, saving, credit card debt, and other financial concepts that should be common knowledge.
"We're African American. You don't see a lot of that in our community. I wanted to give him a step up when it comes to learning these things because I learned it later in life and I wish I had known sooner. He's my legacy and I have to make sure that he's prepared for the future."
GameStop's surge
GameStop stock has shot up more than 1,500% at the moment. The gains have largely been due to the r/wallstreetbets, who bulk-bought the stock to hurt short-sellers and hedge funds.
The community managed to boost GameStop's $30 stock price to $140 in a week. The unprecedented surge of the stock led to short-sellers losing an estimate of $70 billion.
What started as a taunt ended up becoming a rallying cry for small-time investors. GameStop reached a staggering $422 per share at its peak. Its market cap went from a mere $400 million to $25 billion.
Due to the massive surge, the trading app Robinhood froze all buying/trading of GameStop's shares, which eventually led to a class-action lawsuit and possible SEC investigation.
