Forbes Media President Steve Forbes shares his insights on raising the price of GameStop and other names this week.
SAN ANTONIO (AP) – A 10-year-old San Antonio boy made a fortune selling GameStop shares he had earned over a year ago.
Jaydyn Carr’s mother, Nina, spent $ 60 for 10 shares of the video game network in December 2019 that she gave him to Kwanzaa to reflect Ujamaa, one of the festival’s seven principles that focuses on the cooperative economy.
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With GameStop’s stock price skyrocketing this week behind a speculative frenzy led by a Reddit chat group, Jaydyn sold the shares on Wednesday for just under $ 3,200, reported the San Antonio Express- News.
Pedestrians pass a GameStop store on 14th Street in Union Square, Thursday, January 28, 2021, in the Manhattan neighborhood of New York. (AP Photo / John Minchillo)
“My phone was ringing, because I have GameStop on my watch list,” said Nina of watching the stock price rise. “I was trying to explain to him that this was unusual. I asked him ‘Do you want to stay or sell?’ “
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The mother and son investment duo said that $ 2,200 of the funds would go to Jaydyn’s savings account and that they would put the other $ 1,000 into future investments.