Cornell Student Cashes Out on GameStop Stocks, Buys Nintendo Switches for Children’s Hospital
The GameStop stocks: It's all everyone's been talking about lately.
After a number of hedge funds bet against the GameStop stock, which seemed to be going the way of Blockbuster and many other rental retailers, a Reddit forum named r/wallstreetbets encouraged members of its community to purchase stock in the company. Those that did helped cause a squeeze in the market, costing hedge funds huge and putting large sums of cash into investors pockets.
While many of those who purchased GameStop stocks have held onto their shares, a Cornell University student who invested put some of his winnings toward a very good cause: making kids smile.
Hunter Kahn, a 20-year-old mechanical engineering student at Cornell and Minnesota native, spent $2,000 from his stocks to purchase six Nintendo Switches and a bunch of games for kids at Children's Minnesota Hospital in Minneapolis.
"I wanted my donations to be GameStop purchases since that is how this all started and there is no better group of people to receive a bunch of Switches than a bunch of kids going through a hard time," Kahn told the New York Post. "I know that if I were in their situation, having a Switch to play with would make that hell just a little less miserable."
Kahn told the New York Post that he that he joined the Wall Street Bets Reddit forum as a high school senior, noting the group as "the most reliable source for investing information."
So far, Kahn has liquidated around $30,000 from 200 call options, and while he told the New York Post he plans to hold onto his original 50 shares in GameStop, he felt it necessary to donate some of his money to those who could really use a pick-me-up.
"A lot of people are saying that this is somewhat like a transfer of power, but if the money’s going from here just to the other side, there’s no difference if we just are acting the same way as the people that we’re criticizing," Kahn told CBSN Minnesota. "It’s important that we don’t become men in suits ourselves, and use our money for good."
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