It’s not often that making a massacre on Wall Street ends up being a boon for Main Street, but that’s exactly what happened in the wake of this week’s stock market giant GameStop, as investors paid for their handsome gains by funding some. well deserved little ones.
For those who don’t understand the ins and outs of the stock market, suffice it to say that due to some non-traditional disruptive trading strategy, GameStop’s stock soared – a whopping 1.625% in a single month. according to CNN“Leaving those smart enough to buy stocks rolling in the green.”
Hunter Kahn, a 20-year-old Cornell University mechanical engineering student, raised about $ 30,000 in earnings from GameStop. While most of that windfall will be spent to fund his education, Kahn also used some of his new stash of cash to buy and donate $ 2,000 worth of Nintendo Switch games and consoles to a local children’s hospital.
“As a beneficiary of the recent events on Wall Street, I think it is important that I and others pay our good fortune,” Kahn posted on his Instagram. “… I am proud to announce my humble donation of 6 Nintendo Switches and games to accompany them to Children’s Minnesota Hospital.”
Meanwhile, on a somewhat larger scale, after turning an initial stake of $ 115,000 into a payment of $ 500,000, the nonconformist billionaire mogul Social Capital founder / CEO and sports fan Chamath Palihapitiya stood up. a donation of half a million dollars to the Barstool Fund, an initiative that offers relief to small businesses that have been directly impacted as a result of the COVID-19 crisis.
He closed this position. Along with our investment and our earnings, we made a profit of $ 500k.
We donate everything to @Barstool – the cable has just come out.
– Chamath Palihapitiya (@chamath) February 1, 2021
“This morning I woke up after spending the entire night at Wall Street Bets, reading about all these things. I ended up closing my positions this morning, and I wanted to announce that I am going to take all the profits I made plus my original position, so I will take $ 500,000 and donate to the Barstool Fund for Small Businesses, ”announced Palihapitiya during a segment of CNBC halftime report.
While fortunes are made and lost in the stock market every day and no one can predict where the market will close when the final bell rings, this is the kind of generous reversal trend that we would love to report on a lot of things. more often.
Main photo: @ hkahn3/ Instagram
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