It’s not often that making a killing on Wall Street winds up being a boon for Main Street, but that’s just what happened in the wake of this week’s GameStop stock market juggernaut as investors paid their handsome profits forward by bankrolling some well-deserving little guys.
For those who don’t understand the ins and outs of the stock market, suffice to say that due to some nontraditional disruptive trading strategy, GameStop stock went through the roof—a whopping 1,625% in a single month according to CNN—leaving those savvy enough to buy shares rolling in the green stuff.
Hunter Kahn, a 20-year-old Cornell University mechanical engineering student raked in close to $30,000 in GameStop profits. While the bulk of that windfall will be spent financing his education, Kahn also used part of his newfound stash o’ cash to purchase and donate Nintendo Switch games and consoles valued at $2,000 to a local children’s hospital.
“As a beneficiary of the recent events on Wall Street I think it is important that myself and others pay forward our good fortune,” Kahn posted to his Instagram. “…I am proud to announce my humble donation of 6 Nintendo Switches and games to go with them to the Children’s Minnesota Hospital.”
Meanwhile on a somewhat larger scale, after rolling an initial $115,000 stake into a $500,000 payout, maverick billionaire tycoon Social Capital founder/CEO and sports fanatic Chamath Palihapitiya ponied up a half-million-dollar donation to the Barstool Fund, an initiative offering crisis relief to small businesses that have taken a direct hit as a result of the COVID-19 crisis.
Closed this position out. Along with our investment and our gains we had a profit of $500k.
We donated it all to @BarstoolFund – the wire just went out.
— Chamath Palihapitiya (@chamath) February 1, 2021
MORE: Nurse With No Experience Trading Stocks Wins $10,000 Playing a New Fantasy Stock Pick Game
“This morning I woke up after spending all last night on Wall Street Bets, reading about all this stuff. I ended up closing out my positions this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position—so I’m gonna take $500,000—and I’m gonna donate to the Barstool Fund for small businesses,” Palihapitiya announced during a segment of CNBC’s Halftime Report.
CHECK OUT: Majority of Millennials Are Investing – and They’re Actually Quite Good At It
While fortunes are made and lost on the stock market every day and no one can predict where the market will close when the final bell rings, this is just the kind of generous investing trend we’d love to be able to report about a whole lot more often.
Featured image: @hkahn3/Instagram
INVEST in the Good News—Tip This Story Off to Your Pals…