Texas fifth-grader cashes in GameStop stock his mom gave him 2 years ago

Business

People walk by a GameStop store in Brooklyn on January 28, 2021 in New York City. Markets continue a volatile streak with the Dow Jones Industrial Average rising over 500 points in morning trading following yesterdays losses. Shares of the video game retailer GameStop plunged. (Photo by Spencer Platt/Getty Images)

SAN ANTONIO (NEXSTAR) – Two years before a Reddit community would come to dominate headlines, a Texas mother gave her son a gift for Kwanzaa – ten shares of GameStop stock.

Nina Carr, of San Antonio, told the Houston Chronicle she gifted the shares, bought at $6 a piece, to her then 8-year-old son Jaydyn as part of Kwanzaa’s fourth principle of “cooperative economics,” Ujamaa.

Little did they know on December 30, 2019, a future war between retail stock traders trying to force the hand of hedge funds betting against GameStop would cause the share price to rocket upwards.

Carr told the paper that Jaydyn has been learning about building wealth alongside her, so when her phone started blowing up with watchlist alerts about GameStop, she recalled, “I was trying to explain to him that this was unusual, I asked him, ‘Do you want to stay or sell?'”

Jaydyn decided to sell the stock Wednesday evening at over 53 times the value his mother bought it at, cashing in his shares for a tidy $3,200.

Carr told the Chronicle that $2,200 will be deposited in his savings account while the rest will go to future investments.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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