A savvy fifth grader managed to parlay a gift of 10 shares of GameStop into a pretty nice pile of cash. Jadyn Carr’s mom Nina bought him the shares as a holiday gift for a total of $60.
As the stock rocketed up this week amid the Reddit buying frenzy, they sold the shares for $3,200 — a whopping 5000% gain.
“I’m going to save $2,000 and the rest I’m gonna invest in more companies,” Jadyn told Inside Edition.
The Wall Street rollercoaster is being fueled by a band of renegade stock pickers on the Reddit forum r/wallstreetbets, who are urging each other: don’t sell, hold no matter what — “hold to the moon.”
One of the guys leading the charge calls himself “roaring kitty.” His real name is Keith Gill, a father of two from Boston. He made $47 million on GameStop alone.
The Redditors’ mission is to stick it to the Wall Street firms who are betting against struggling companies like GameStop, AMC and Bed, Bath & Beyond. Some of the big firms were banking on the stock going down — a trade known as short-selling. But since the Reddit push, the stock has skyrocketed and the firms have lost an estimated $70 billion.