Following the stock market chaos over the last few weeks, a college student has decided to donate some of the gains he earned from the GameStop stocks to buy sick children video games.
This is truly amazing...
Now, where do we even start when it comes to what has been happening in the stock market over the last few weeks?
The stock market is a mystery to many of us and it is known for its use of complicated numbers and charts... which is what makes the recent events all the more confusing!
Basically, the stock price of the video game retailer, GameStop, has skyrocketed...
By somewhere around 8,000 percent over the last 6 months.
Its stock has become the central game piece in a financial power struggle between a major hedge fund, Melvin Capital, and a group of amateur stock traders who like to make a lot of noise on the internet.
Mike Novogratz, an investor and former hedge fund manager said the internet activity is the result of frustration that everyday investors are often locked out of lucrative opportunities, such as initial public stock offerings.
"What it really feels like is the game is stacked against the little guy," he said to NBC News.
People have been investing in GameStop stocks since it rocketed...
And the retailer's shares went from trading at around $43 (already significantly more than it traded at the beginning of the year) to as much as $380, becoming one of the most traded stocks on the market along the way.
Tesla CEO Elon Musk, the world's wealthiest person, who has publicly battled short-sellers in the past, tweeted this last week:
Gamestonk!! https://t.co/RZtkDzAewJ— Elon Musk (@elonmusk) January 26, 2021
"Gamestonk!" with a link to WSB.
Gamestonk is a reference to GameStop and to "stonk," internet slang for stock.
Ordinary people who don't come from Wall Street are starting to make some serious money from the GameStop stocks...
Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino— Alexandria Ocasio-Cortez (@AOC) January 27, 2021
And although Wall Streeters clearly aren't happy about this and have been complaining over people treating Wall Street as a "casino," the investments continue to grow.
People as young as those in college now have their own stock fortunes...
And one college student has decided to try and make a difference with his newfound wealth.
Hunter Kahn, a Mechanical Engineering student at Cornell University, is the proud new owner of some GameStop stock fortune...
But instead of keeping the stocks for himself, he's decided to invest and donate them toward something very special... and people have been left touched by his generosity.
Hunter decided to use his stocks to purchase 6 Nintendo Switches as well as a whole load of other games from GameStop...
And donated them to the Children's Minnesota Hospital in Minneapolis, Minnesota over the weekend.
Writing on Instagram, he said:
"As a beneficiary of the recent events on Wall Street, I think it is important that myself and others pay forward our good fortune. These events have highlighted a lot of corruption and with this transfer of power, it is important that we don't become men in suits ourselves. I am proud to announce my humble donation of 6 Nintendo Switches and games to go with them to the Children's Minnesota Hospital. Can't Stop. Won't Stop."
Speaking to the New York Post, the twenty-year-old explained his actions further:
"I wanted my donations to be GameStop purchases since that is how this all started and there is no better group of people to receive a bunch of Switches than a bunch of kids going through a hard time."
"I know that if I were in their situation, having a Switch to play with would make that hell just a little less miserable."
Hunter's donation came to $2,000 in the end...
And the young man has liquidated around $30,000 from $200 call options and for now, plans to hold his fifty original shares.
He concluded that using his money for good is the best way to ensure he doesn't become "a man in a suit."
Which is truly admirable.
Thank you for your generous donation, Hunter!
For more admirable stories, read on...