(WCCO / CBS local) – A Minnesota man has been driving the GameStop stock wave down to a few big dollars that he uses for charitable donations.
Hunter Kahn, 20, won big at last week’s rally propelled by an online Reddit forum called “Wall Street Bets.” He bought six Nintendo Switches and games to donate to the Children’s Minnesota Hospital in Minneapolis.
“It was a better feeling than waking up in the morning and seeing that [GameStop’s stock price] was on the moon, ”Kahn said. “I love video games. I know it would be terrible to be in a hospital as a child and help them through it like no other.”
Kahn’s post on Reddit about his donation has over 175,000 “upvotes,” which is Reddit’s version of likes. Many amateur investors like Kahn bought GameStop stock to beat wealthy hedge funds at their own game.
Hunter Kahn (Credit: CBS)
“A lot of people say this is a bit like a power transfer, but when the money goes from here to the other side, there is no difference if we just act like the people we criticize,” Kahn said. we don’t become men in suits and use our money for good. “
Paul Vaaler, a professor of business and law at the Carlson School of Management at the University of Minnesota, says the GameStop story shows the power of the Internet. He is less optimistic about this populist investment movement that is self-sustaining over the long term.
“It’s hard to get a crowd in one direction,” said Vaaler. ‘In this case, yes. Don’t hold your breath that it will happen again soon. “
Despite his success, Kahn says he doesn’t want to work on Wall Street or in the financial world. He is an engineering student whose dream is to build spaceships for Elon Musk.