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A 10-year-old boy in San Antonio, Texas, made a killing by selling GameStop stock on Jan. 27. Jaydyn Carr sold his 10 shares of the stock for more than 50 times their original price.
His mother, Nina, bought the shares for $60 (¥6,300) in December 2019. She gave them to Jaydyn for Kwanzaa to reflect Ujamaa, one of the festival’s seven principles. Ujamaa focuses on cooperative economics.
In recent weeks, GameStop’s share price has skyrocketed, driven by chatter on a Reddit chat group. Jaydyn sold the shares for a little less than $3,200 (¥340,000), according to the San Antonio Express News.
As Nina saw the share price surge, she asked Jaydyn, “Do you want to stay or sell?” Jaydyn sold.
Nina said $2,200 (¥230,000) of the funds would go to Jaydyn’s savings account. They will put the other $1,000 (¥110,000) toward future investing. (AP)
This article was provided by The Japan Times Alpha.