A Minnesota man has cashed in on his GameStop investment.
He was one of the many people on Reddit who helped propel the stock to new heights, but instead of keeping the money, he used it to help children in the hospital.
Recommended Videos
“It was a better feeling than waking up in the morning and seeing that GME was on the moon,” Hunter Kahn said.
GME is the symbol for GameStop stock. On the moon means it went way up last week.
[TRENDING: Missing toddlers pulled from Fla. pond | 30s alert! Cold front blasts into Central Fla. | How to register for vaccine in Fla.]
Kahn cashed in big on that, but the better feeling he’s talking about was using his money to donate six Nintendo Switches and games to Children’s Minnesota Hospital.
“I love video games. I know it would be terrible being a kid in the hospital with like no joy helping them through,” Kahn said.
Kahn’s post on Reddit about his donation has more than 175,000 up votes or likes.
He’s comfortable on Reddit, the home of the online forum called Wall Street bets, that helped propel GameStop stock to its dizzying heights.
The rally resulted in many amateur investors like Kahn beating wealthy hedge funds at their own game.
“A lot of people are saying that this is somewhat like a transfer of power, but if the money is going from here just to the other side, there is no difference, if we just are acting the same way as the people that were criticizing,” Kahn said. “So, I think it’s important that we don’t become men in suits ourselves and use our money for good.”
University of Minnesota business and law professor Paul Vaaler says the GameStop story shows the power of the internet.
But can this populist investing movement sustain itself?
“Getting a mob to move in one direction is a tough thing to do. In this case, they did. Don’t hold your breath that it’s going to happen again soon,” Vaaler said.
Despite his success, Kahn has no plans to work in finance. He is an engineering student who said he wants to build spaceships for Elon Musk.