A 10-Year-Old Sold GameStop Shares With Over 5,000% Profit

Dhir Acharya - Feb 03, 2021

A 10-year-old from San Antonio sold 10 GameStop shares that his mom gave him in late 2019 that she bought 10 GameStop shares at the price of $6 per share.

Among all the drama revolving around a subreddit’s effort to bankrupt hedge funds by pumping GameStop shares, there have been several heartwarming stories emerging. For example, some Reddit users gained tens of thousands of dollars in profits as GameStop shares rocketed, who then used the money to pay off medical bills for their family members.

In another story, a 10-year-old from San Antonio named Jaydyn Carr sold 10 GameStop shares that his mom gave him in late 2019. According to My San Antonio, Carr’s mom bought 10 GameStop shares at the price of $6 per share.

When GameStop shares hit record highs last week, the 10-year-old sold his stock for $320 per share and got $3,200 with about $3,140 in profit. The mother said:

“My phone was going off because I have GameStop on my watch list. I was trying to explain to him that this was unusual, I asked him ‘Do you want to stay or sell?’”

Most of the money Carr got from the trade would go into his savings account. However, the 10-year-old plans to invest about $1,000 and learn more about the stock market.

Meanwhile, the saga between Reddit and Wall Street remains unsolved. A lot of people are still very interested in GameStop shares. Scrolling through the r/wallstreetbets subreddit, it can be seen that many are planning to hold their GameStop shares indefinitely.

At the same time, lawmakers have started to pay attention to the saga, particularly after RobinHood as well as other trading platforms restricted some traders from purchasing more GameStop shares. The move was considered market manipulation, which prompted lawmakers to speak up.

“This is unacceptable. We now need to know more about RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Cmte, I’d support a hearing if necessary.”

As per the SEC, it is looking for potential misconduct. On Monday, at the close of trading, GameStop shares went down 100 points, about 30.77%. The stock continued to go down on Tuesday.