A 20-year-old university student who cashed out $30,000 from his GameStop shares used a chunk of the earnings to buy multiple games consoles for a children’s hospital.
Mechanical engineering student Hunter Kahn was among a number of amateur investors and Reddit users who put their money into GameStop recently, causing its worth to increase dramatically.
Kahn bought numerous shares at $30 in an effort to prove wrong ‘the big boys on Wall Street’ after GameStop was predicted to drop in the market. As a result, Wall Street and hedge funds lost millions of dollars.
The stock jumped 1,625% over the last month and last Wednesday, January 27, Khan cashed out at $30,000. After stock-trading app Robinhood was accused of being hypocritical for preventing amateurs from ‘stealing’ from the rich, the 20-year-old decided to embody generous thief Robinhood by using his money to help Children’s Minnesota Hospital.
Kahn, who lives in Stillwater, Minnesota, spent more than $2,000 donating six Nintendo Switch Lites, two Nintendo Switches, multiple games, e-shop gift cards, screen protectors and cases.
He told CNN there was ‘no group of people more deserving of receiving a bunch of video games than some kids going through a hard time.’
Further explaining his decision in a post on Instagram, he wrote:
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. Cant Stop. Won’t Stop.
Jennifer Soderholm, president of Children’s Minnesota Foundation, told CNN it was ‘inspiring to see young people in our community choosing to give back and pay it forward.’
She commented: ‘We’re so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times.’
Khan, who attends Cornell University, is encouraging others who have profited from GameStop shares to pay forward their good fortune, pointing out that it would be ‘meaningless’ to criticise the people on Wall Street who are ‘moving the money from one side to the other side’ if amateurs behaved ‘exactly like these people that we were criticising.’
He shared a photo of his donation on the Reddit page WallStreetBets, which helped facilitate the rise of GameStop shares, where he was praised for the way he chose to spend his money.
Khan plans to put the rest of his earnings towards paying off his university fees.
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