Investor from Reddit uses GameStop earnings to buy Nintendo Switch for children’s hospital | Inquirer Business

Investor from Reddit uses GameStop earnings to buy Nintendo Switch for children’s hospital

/ 01:17 PM January 31, 2021

GameStop stock market

This photo illustration shows the logos of GameStop and trading application Robinhood in a computer and on a mobile phone in Arlington, Virginia on Jan. 28, 2021. An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop, a struggling chain of video game retail stores. Image: AFP/Olivier Douliery

An anonymous GameStop investor has decided to share his earnings by doing some good for a children’s hospital in Texas.

The investor sent 10 Nintendo Switch consoles to Medical City Children’s Hospital, he told NBC 5 on Friday, Jan. 29. The consoles were purchased from GameStop branches in Texas.

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He said that he made “a good amount through r/WallStreetBets on this hilarious GME trade.”

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The investor was among the amateur traders on Reddit who decided to drive up the shares of video game retailer GameStop.

Traders on r/WallStreetBets actively seek out struggling companies, such as GameStop (GME), Macy’s (M) and BlackBerry (BB) not only to make a profit, but also to fight Wall Street investors shorting these companies. By short-selling, professional investors are betting that shares of these companies will eventually crash.

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However, when the Reddit group decided to invest in GameStop, shares jumped to such high prices that have cost Wall Street investors billions of dollars. To compare, a year ago, one GameStop share cost about $3; it is currently over $300 as of writing, which is a spike of over 1000%.

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It is unclear how this trading frenzy will end. For now, the anonymous investor hopes fellow Redditors will use their GameStop profits by giving back. Niña V. Guno/JB

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TAGS: GameStop, Reddit, stocks, Wall Street

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