Texas 5th grader cashes in GameStop stock gifted to him for Kwanzaa
'I have to train him to let him know you can't just buy anything, you have to read the charts.'
A Texas 5th grader was quick to cash in on the GameStop mania this week.
Jaydyn Carr, 10, was gifted GameStop shares by his mom, Nina, for Kwanzaa two years ago. At the time, she bought her son 10 shares for $6 each. Fast forward to 2021 and GameStop stock has risen from below $20 earlier this month to more than $400 Thursday, as a volunteer army of investors on social media challenged big institutions who had placed market bets that the stock would fall, theGRIO reported.
With the stock up 1,500% in two weeks, Jayden is over the moon after selling his first set of stocks for a little under $3,200 on Wednesday.
“My phone was going off, because I have GameStop on my watch list,” Nina said of watching the prices soar, per mysanantonio.com. “I was trying to explain to him that this was unusual, I asked him ‘Do you want to stay or sell?'”
Nina said $2,200 of the funds are going to Jaydyn’s savings account, while $1,000 will be used for further investments.
“Any time I learn something, I show him as well,” Nina said. “I wanted to pass on the knowledge I have now because I learned it late in life. I want to give him a step up.”
Jaydyn is now considering investing in Roblox, an online game hub set to make its market debut, according to the report.
“I have to train him to let him know you can’t just buy anything, you have to read the charts,” said Nina.
Meanwhile, the online trading platform Robinhood is moving to restrict trading in GameStop and other stocks that have soared recently due to rabid buying by smaller investors.
Among the restrictions announced by Robinhood on Thursday, investors would only be able to sell their positions and not open new ones in some cases, and Robinhood will try to slow the amount of trading using borrowed money.
Besides GameStop, Robinhood said trading in stocks such as AMC Entertainment, Bed Bath & Beyond, Blackberry, Nokia, Express Inc., Koss Corp. and Naked Brand Group would be affected by the new restrictions.
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