Minnesota College Student Uses GameStop Stock Earnings To Buy Nintendo Switches For Children’s Hospital
Recently, a bunch of small-time stock investors in the Reddit group called "WallStreetBets" banded together to "shake up" hedge fund investors. When the Redditors bought up cheap shares of GameStop, "commoners" were suddenly making money (while driving up the price of stock), and ultra wealthy investors were losing billions. One of those "commoners" is a Minnesota college student who is putting some of his newfound earnings toward a good cause.
Valley News Live reports that 20-year-old Hunter Kahn used some of his sudden big payday to give back to kids at Children's Minnesota Hospital in Minneapolis. The engineering student used money from his GameStop stocks to supply six Nintendo Switch consoles and games to the hospital. Get the full story from Valley News Live here.
I have tried to fully grasp what happened during this virtual "uprising" of amateur investors against big money hedge fund investors, but it is still hard to wrap my mind around. What I do understand is that people like Hunter Kahn are making money and doing good for others, as well as themselves.
There have been a couple of other "feel good" stories resulting from the GameStop stocks surging in price. A young kid made thousands off a $60 investment he and his mother did in December of 2020. Another person was able to pay off their student debt, which amounted to $23,504.45! Find out more about these incredible stories from InvestorPlace here.
If you suddenly had a bunch of money, how would you spend it?