A 10-year-old investor from Texas cashed in $3,200 from 10 GameStop shares that was given to him by his mother in a bid to teach him about investing.
Nina Carr bought the GameStop shares in December 2019, after witnessing his son, Jaydyn, buying discounted games at GameStop and wishing for an Xbox One.
She decided to invest 10 shares at $6.19 each and gave it to her son as a Kwanzaa gift.
To her, the move just made sense, especially because the fifth-grader loves video games.
“We were always there two years ago, just buying different video games,” she said in an interview.
“I was like, “I can give him the shares the GameStop and give him something tangible to hold on to and that way he can appreciate it that way.”
Nina taught Jaydyn that owning shares of the company makes him a part-owner of GameStop, and told him the gift was in keeping with the spirit of ujamaa, or cooperative economics, one of the seven principles of Kwanzaa.
The lesson didn’t stop there, as she continually monitored the stock’s progress, noticing its steady rise.
On Wednesday, the value of GameStop shares soared, reaching 1700% since December after the recent GameStop shares buying frenzy.
Nina asked her son if he wanted to cash out, after seeing the stock price reached $350.
“I wanted to sell it then and there because I knew it could drop in seconds,” Jaydyn said.
He is now researching his next stock purchases, planning to put $2,000 in his saving account and invest the remaining $1,000.
Nina plans to continue to teach her son financial literacy in an effort to prepare him for his future.
“We’re African American. You don’t see a lot of that in our community,” she said.
“I wanted to give him a step up when it comes to learning these things because I learned it later in life and I wish I had known sooner.”
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