Donating to kids felt better than waking up to seeing GameStop stock prices soaring, one Redditor said
In case you’re a little bit out of the loop (and don’t worry if you are — this has been a weird time in the stock market), here’s what’s been going on with GameStop and Reddit during the last few weeks. Redditors — users of the anonymous social media site Reddit — noticed that hedge funds had bet a lot of money on the ailing video game store’s stock going down, so they rallied a ton of people to buy the stock, driving up the price and causing those hedge funds to lose billions on their bet. In the process, some lucky Redditors made incredible returns on their GameStop stock. And now, some of them are using it to do some good in the world.
Hunter Kahn, a 20-year-old Minnesota native who attends Cornell University, made almost $30,000 from his GameStop investments. Instead of keeping the gains for himself, he used some of them to buy six Nintendo Switches and some games to donate to Children’s Minnesota hospital. And yes, he bought the gifts from GameStop.
“I love video games, and I know it would be terrible being a kid in a hospital with no joy helping them through,” Kahn told reporters. “It was a better feeling than waking up in the morning and seeing that [GameStop stock] was on the moon.”
Kahn also posted on Instagram about his decision to use his earnings to help kids in need.
“As a beneficiary of the recent events on Wall Street I think it is important that myself and others pay forward our good fortune,” he wrote. “These events have highlighted a lot of corruption and with this transfer of power it is important that we don’t become men in suits ourselves. I am proud to announce my humble donation of 6 Nintendo Switches and games to go with them to the Children’s Minnesota Hospital. Cant Stop. Won’t Stop.”
Kahn isn’t the only Redditor to use GameStop money to do good. An investor in Texas, who remains anonymous, also bought Nintendo Switches to donate to a local children’s hospital. He said he made “a good amount through r/WallStreetBets on this hilarious GME trade” and wanted to give back “in a way that was equally hilarious.”
Reddit users are now calling these two donors “the real Robin Hood” for their good deeds.
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