Jaydyn Carr — a 10-year-old boy from San Antonio — loves video games. So his mother bought him 10 GameStop shares for Kwanzaa in 2019. She wanted to teach him about the stock market, after all.
- Then, in January, the GameStop stock surge benefited the young boy. So much so that the $60 investment turned into $3,200, according to The Washington Post.
- “Is this really happening right now?” Jaydyn’s mother, Nina Carr, told The Washington Post. “I couldn’t believe it was true.”
- Carr told The Washington Post she left the decision to sell the stocks up to her son. The family said they will put $2,200 into the young boy’s savings.
- Meanwhile, they’ll invest the extra $1,000. According to Today.com, the family plans to invest in Microsoft and Roblox, among other companies.
Context
The GameStop stock surged after small investors joined together to drive up the stock price to make money, as I wrote about for the Deseret News. The move also counteracted hedge fund companies who had shorted the stock, expecting it to fall so they could make back money.
Meanwhile ...
One Reddit user said he lost $13 million on Tuesday from the GameStop stock surge, according to CNBC. He said he will continue to hold onto his stock and not sell his shares.