A fifth-grader from Houston, Texas won big in the recent surge in GameStop’s stock value, but he wasn’t among the throng of new stock investors from the Robinhood investment app.
Ten-year-old Jaydyn Carr received 10 shares of the publicly-traded company as a Kwanzaa gift two years ago by his mom, Nina Carr.
At the time, she paid $6 per share. Wednesday morning (January 27), GameStop’s stock surged to $372 per share. Jaydyn sold his shares and made just nearly $3,200. That’s more than 53 times the original investment his mom made.
“My phone was going off, because I have GameStop on my watch list,” Nina said in an interview with the San Antonio Express News. “I was trying to explain to him that this was unusual. I asked him, ‘Do you want to stay or sell?’”
Nina said the Kwanzaa gift for her then-eight-year-old was a part of a larger lesson connected to Ujamaa, the celebration’s cooperative economics principle. She even made him a certificate of ownership to have something to hold to show his real stake in the company.
So what does the preteen plan to do with his earnings?
Well, Nina says Jaydyn plans to invest $1,000 in Roblox, an online gaming platform that filed to be publicly traded in November.
“I have to train him to let him know you can’t just buy anything –– you have to read the charts,” Nina explained, adding, “I’m going to let him have his win.”
The rest of the money is going into a savings account.
Photo: Getty Images