Texas 5th Grader Cashes in His GameStop Stocks He Got For Kwanzaa a Year Ago
A San Antonio 10-year-old got GameStop stocks from his mom for Kwanzaa in 2019 and cashed in big this week.
According to the Midland Reporter-Telegram, Jaydyn Carr became a GameStop shareholder on December 30, 2019 and this week he got to cash that stock in after Reddit users decided to combine and make the stock increase by over 1,000% in two weeks.
Nina Carr, Jaydyn's mom, wanted to give her son a gift reflective of Ujamaa, one of the seven principles of Kwanzaa that focuses on cooperative economics.
Nina bought 10 shares for $6 each and printed the certificate so she could have something for him to unwrap.
The smile he had that morning in December 2019 was nothing like the smile he had Wednesday morning (January 27, 2021) when he sold that stock for $3,200.
"My phone was going off, because I have GameStop on my watch list," Nina said of watching prices skyrocket. "I was trying to explain to him that this was unusual, I asked him 'Do you want to stay or sell?'"
While everyone else was asking why the stock skyrocketed like it did, Jaydyn said he wasn't at all confused by what was going on or by his mom's urgency.
"Any time I learn something, I show him as well," Nina said. "I wanted to pass on the knowledge I have now because I learned it late in life. I want to give him a step up."
Jaydyn and his mom are planning on putting $2,200 into Jaydyn's savings account, and leave out $1,000 to do some more investing.