Following the war between Redditors and Wall Street stock brokers over GameStop shares, a lot of people pocketed a lot of money. What would you do if you found yourself tens of thousands of dollars richer than you were five minutes ago? Buy a new car? Renovate the kitchen? Learn how to snowboard in the French Alps? One man threw those suggestions out of the window, and used his money to donate consoles to a children's hospital.
Hunter Kahn, a mechanical engineering student at Cornell University, is one of the many, many, many members of the WallStreetBets subreddit. They were the ones who started getting GameStop shares while they were still very cheap, surging the value of the stock. This was very bad news for those Wall Street hedge funds, who had discussed their intentions to short on social media (if you're not up to speed on that whole thing, we've got a handy dandy article for you here).
Chaos reigned as investors could no longer rely on an easy profit by selling their stock back to GameStop, and regular people who had bought and sold shares through the app Robinhood were making even more money than stock brokers that spent years and years analysing which way the big red line went.
Kahn walked away with almost $30,000 after cashing in his GameStop stock, which is an incredible amount of money. His motivation to jump into the movement against the stock market was that he wanted to stick it to "the big boys on Wall Street," but he believed it was important to not hoard what he'd gotten. "As a beneficiary of the recent events on Wall Street I think it is important that myself and others pay forward our good fortune," he said in a personal post on his Instagram account. "These events have highlighted a lot of corruption and with this transfer of power it is important that we don't become men in suits ourselves."
The Children's Minnesota Hospital in Minneapolis has received six Nintendo Switch Lites, two Nintendo Switches, multiple games and e-shop gift cards, and screen protectors and cases for the Switches, which tally up to about $2,000 in value. The patients are thrilled with their new consoles, and the Children's Minnesota Foundation praised the college student for his generosity. "There's no group of people more deserving of receiving a bunch of video games than some kids going through a hard time," said Kahn in an interview with CNN. "If we're criticizing these people on Wall Street and moving the money from one side to the other side, it would be meaningless if we behave exactly like these people that we were criticizing."
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