- Billionaire investor Chamath Palihapitiya was part of the effort to increase GameStop’s stock.
- Palihapitiya says he will donate his initial investment and profits to The Barstool Fund.
- Barstool Fund gives money to small businesses that suffer from the pandemic.
- Visit the Business Insider home page for more stories.
Billionaire investor Chamath Palihapitiya will donate the money he earned from selling GameStop shares to the Barstool small business fund, he told CNBC.
Palihapitiya joined Reddit investors, raising the gaming store’s stock price, which rose 157% on Wednesday after Elon Musk’s tweet on Tuesday about “Gamestonk !!”. Palihapitiya announced that it has purchased 50 purchase options on GameStop. GameStop’s shares rose a massive 750% in 2021, with online retail investment group WallStreetBets increasing its shares.
Read more: How hedge funds are tracking Reddit posts to protect their portfolios after the Wall Street Bets crowd helped sink Melvin Capital’s short positions
Palihapitiya told CNBC that he will donate $ 500,000, his initial investment in GameStop and all profits, to the Barstool fund. He said he closed the stock this morning.
Barstool Fund, founded by Barstool Sports founder Dave Portnoy, raises money to support small businesses struggling during the pandemic and “save as many jobs as possible,” according to the Fund’s website. So far, it has raised nearly $ 33 million from 205,525 supporters to finance 187 companies. Recipients include bowling alleys, beauty salons, the vast majority of which are restaurants and bars.