Weather Alert

SA Fifth Grader Wins Big With Gamestop Shares

Jaydyn Carr, a San Antonio fifth-grader, is celebrating this week.

In 2019 his Mom, Nina Carr, gifted him 10 GameStop shares and paid $6 a piece for them My San Antonio.

Well…. after the recent battle between Wall street and Reddit, he made off with a little under $3,200.

The mother-son duo were surprised to be caught in the middle of a stock surge, fueled by renegade traders on Reddit — but acted quick.

“My phone was going off, because I have GameStop on my watch list,” Nina said after watching the video game retailer’s stock boom this week.

Jayden said he plans to invest $1,000 of the gain, possibly in the online gaming hub Roblox, with the remaining cash going into his savings account.

“I have to train him to let him know you can’t just buy anything, you have to read the charts,” his mom said, admitting that she wishes she’d snagged some shares for herself back in 2019. “I’m going to let him have his win.”

At the onset of the pandemic, GameStop was one of the hardest-hit retailers, already suffering from the shift to online sales.

Just last April, the company’s shares could be purchased for $3.25 each, but by close on Tuesday, they were valued at $148 a pop. The stock’s value began to rise when Ryan Cohen, founder of Chewy, began lobbying for the company to establish itself as a rival to Amazon.

Wall Street viewed this as an opportunity to short the stock, which involves selling shares with the intention of buying them back after prices fall. Small investors saw the opposite and began buying up cheap stock, which caused a 300% increase in GameStop’s gains in the last year. Analysts remain unsure how the saga will play out, but they think that both sides will face consequences.

Connect With Us Listen To Us On