In 2019, Jaydyn Carr’s mom, Nina, gave him 10 GameStop shares that cost $6 apiece as a Kwanzaa gift. At the time, he was only eight years old. Fast forward to 2021, Jaydyn, 10, is in the middle of a stock surge.
Share prices of GameStop tumbled following bets placed by Citron Research and Melvin Capital that the gaming company will collapse but a group of social media users rallied and skyrocketed the prices of the struggling company from single to triple digits at the blindside of Wall Street.
As a result, GameStop stock rocketed from below $20 earlier this month to more than $400 Thursday. Amidst the GameStop trading frenzy, Jaydyn is reeling from excitement after selling his shares for about $3,200 on Wednesday, the San Antonio Express-News reports.
“My phone was going off, because I have GameStop on my watch list,” Jaydyn’s mother 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?'”
According to Nina, she has been teaching Jaydyn about trading. “Any time I learn something, I show him as well,” she 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.”
Commenting on how they plan to use the money, Nina said $2,000 of the funds will be kept in Jaydyn’s savings account while using the $1,000 for more investment. “I have to train him to let him know you can’t just buy anything, you have to read the charts,” Nina said.
Jaydyn has expressed more interest in trading after his big win. He is reportedly considering investing in Roblox, an online game hub set to make its market debut.
Meanwhile, online trading platform Robinhood has restricted trading in GameStop due to the rabid buying by small investors, thegrio reports. Per the restrictions announced, investors would only be able to sell their positions and not open new ones in some cases, and Robinhood will try to slow the amount of trading using borrowed money, thegrio added.
Also, Robinhood noted that trading in stocks such as AMC Entertainment, Bed Bath & Beyond, Blackberry, Nokia, Express Inc., Koss Corp. and Naked Brand Group would be affected by the latest restrictions.
Anthony Madu, the 14-year-old Nigerian dancer from Lagos who gained admission to a prestigious ballet…
Actor-host Wayne Brady recently opened up about his early financial struggles in his now thriving…
Mia Arianna, also known as @mia.ariannaa on TikTok, helped her son become an honorary team…
Alvin Gauthier, a Grand Prairie USPS postman, recently went above and beyond to brighten a…
Maj. Gen. Fatuma Gaiti Ahmed is the first female commander of the air force and…
Benjamin E. Mays High School brought together its 272 senior class members for a meeting…
Afrika Owes' emotional response to learning that she had passed the bar exam on her…
A 49-year-old New York attorney was on April 26 sentenced to 10 years in federal…
During an appearance on The Jennifer Hudson Show on Wednesday, pop legend Cher opened up…
Authorities in Florida said an 11-year-old boy was accidentally shot and killed by his 14-year-old…
The famous Taylor Schlitz family is making headlines once more as the youngest of the…
Sony Pictures Entertainment has appointed Tahra Grant as its Chief Communications Officer. She replaces Robert…
Meet Ashley M. Fox, the founder of Empify and the first in her family to…
Tyra Banks, the iconic former host of Dancing With the Stars, has made a delightful…
A Brazilian woman named Érika de Souza, 42, is under investigation for manslaughter after authorities…