A 10-year-old Texas investor whose mum bought a $60 worth of GameStop shares for in 2019, has earned over $3000 after the shares soared in the previous week.
That lesson in investing definitely paid off when Jaydyn racked up nearly $3,200 from those shares amid the recent GameStop shares buying frenzy, according to CNN.
Nina said the shares just made sense to purchase, especially because Jaydyn, who is a fifth grader, loves video games.
‘We were always there two years ago, just buying different video games,’ she told CNN.
‘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.”‘
Nina bought the shares for about $60 and gave them to Jaydyn who had been wanting an XBox.
‘It was very cool that I got stock in one of the companies that I mostly used,’ Jaydyn told CNN.
Little did they know that Nina’s $60 investment would turn into a nearly $3,200 payout when GameStop stocks soared 1,800 per cent thanks to a Reddit group of small investors. .
On Friday, GameStop shares ended the day up nearly 70 per cent, as Robinhood eased restrictions on buying the unlikely market darling, even as the broader market tanked, with the Dow dropping 620 points amid concerns about the ripple effects of the bubble.
When Carr saw the stock reach $350 last week, she said she quickly went to her son and asked him if he wanted to cash out.
‘I wanted to sell it then and there because I knew it could drop in seconds,’ Jaydyn told CNN.
When they sold the stock, they made about $320 per share, for a total of nearly $3,200.
Jaydyn said he’s now researching his next stock purchases. He plans to put $2,000 in his savings account and invest the other $1,000.
And if he has it his way, he’s probably going to buy shares in Microsoft and Roblox, a popular online game company.
Meanwhile, his mother said that she’s going to continue to teach her son financial literacy in order to make sure he’s prepared for his future.
‘We’re African American. You don’t see a lot of that in our community,’ she told CNN.
‘I wanted to give him a step up when it comes to learning these things because I learned it later in life and I wish I had known sooner.’