In San Antonio, Texas, a 10-year old boy just paid for the greatest gift Kwanzaa ever has ever had.
After the financial phenomenon of this week, where the stock price of GameStop has been rising to higher, Carr became one of the successful trader, according to the New York Times, who has earned thousands of dollars from the stock, which since December grew 1,700%.
Mother Jaydyn, Nina Carr, told CNN that she bought 10 GameStop shares for approximately $60 in 2019 as a Kwanzaa donation for her son.
“We were always there two years ago, just buying different video games,” she explained. “I was like, ‘I can give him the shares the GameStop and give him something tangible to hold on to and that way he can appreciate it that way.’ ”
Jaydyn also said he assumed that the gift was “very cool”—although he wanted an XBox One that year—and his mother told him that the gift was a stable investment.
It was not until Wednesday that Jaydyn’s gift saw big movements, Nina said the couple would occasionally check the share price for fun.
“All of a sudden, I heard ‘ding, ding, ding, ding, ding,’ ” Nina told the Times to see several inventory alarms. “I grabbed my phone, and I was looking at it, and it said $351. I was shocked: ‘I bought this thing at $6,’ I thought, ‘There’s no way this can be right.’ ”
Nina said that she ran into the room of Jaydyn, where she was for virtual school online and she told him the “unusual” event. Jaydyn explained to CNN, “I decided to sell it at that time and there because I knew it would drop in seconds.
The fifth-grade student eventually sold his stock at around $320 and earned nearly $3200.
Jaydyn told the Times of his earnings which were a return of more than 5,000% on his initial investments. He had felt shocked and excited at the same time.
Nina said her son “ready to jump full force into the market” after Jaydyn’s success, and will possibly continue to invest. He decided to save $2,200 of his salary and spend the remaining $1,000.
“Long-term investing is essential, and that is how I got this income,” Jaydyn said.