(WCCO / CBS Local) – A Minnesota man has mounted the wave of GameStop shares to big money he uses to make a profit.
Hunter Kahn, 20, entered last week’s rally which was driven by an online Reddit forum called “Wall Street Betting”. He bought six Nintendo Switches and games to donate to Children’s Minnesota Hospital in Minneapolis.
“It was a better feeling than waking up in the morning and seeing it [GameStop’s stock price] it was on the moon, ”Kahn said. “I love video games. I know it would be terrible to be a child in a hospital without any joy in helping them. ”
Kahn’s post on Reddit about his donation has more than 175,000 “positive votes,” which is the version of Reddit’s “likes”. Many amateur investors like Kahn bought shares of GameStop to earn hedge funds rich in their own game.
Hunter Kahn (credit: CBS)
“A lot of people say this is something like a transfer of power, but if the money goes from here to the other side, there’s no difference if we just act the same way as the people we’re criticizing,” he said. Kahn: “It’s important that we don’t become dressed men and that we definitely use our money.”
Paul Vaaler, a professor of business and law at the Carlson School of Management at the University of Minnesota, says the story of GameStop shows the power of the Internet. It is less bullish on this long-term populist investment movement.
“Making a crowd move in one direction is a difficult thing to do,” Vaaler said. “It simply came to our notice then. Don’t hold your breath because it will happen again soon. “
Despite his success, Kahn says he doesn’t want to work on Wall Street or finance. He is an engineering student who has the dream of building spaceships for Elon Musk.