A university student who gained $30k from his GameStop investment donates a chunk of his earnings to get the kids at a children's hospital multiple game consoles.
Hunter Kahn, along with his fellow amateur investors and Reddit users, recently put his money into GameStop stocks, which eventually increased tremendously in value.
The 20-year-old bought a lot of shares at $30 just to prove "the big boys on Wall Street" wrong after predictions that GameStop is going to drop in the market. This caused hedge funds on Wall Street to lose billions of dollars.
Luckily for Kahn, the stock jumped around 1,625% over the last month, and he cashed out at $30k.
Kahn's Generous Donation To The Minnesota Children's Hospital
The mechanical engineering student spent around $2k, donating multiple games, six Nintendo Switch Lites, e-shop gift cards, two Nintendo Switches, and screen protectors. Kahn said:
"I just walked up to the front desk. I didn't actually get to give them out to the kids or anything like that. I'm sure that even without COVID, there are security reasons why they can't do that, which would make sense."
"But they made it super easy to donate. I just walked in, walked up to the front desk, and said, 'Hey, I'd like to give you guys these Switches.' And the dude sitting there was like, 'Oh, awesome. Thank you."
Kahn, who lives in Minnesota, said to CNN that there was "no group of people more deserving of receiving a bunch of video games than some kids going through a hard time."
In an Instagram post, Kahn wrote:
"As a beneficiary of the recent events on Wall Street, I think it is important that myself and others pay forward our good fortune. 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."
"I am proud to announce my humble donation of 6 Nintendo Switches and games to go with them to the Children's Minnesota Hospital. Can't Stop. Won't Stop."
The Gesture Received A Lot Of Attention
Kahn said it was "amazing to hear" that the patients at the hospital are already enjoying the gaming devices.
He encourages other people who cashed out from GameStop to donate some of their wealth. And he pointed out that it is "meaningless" to criticize the ones on Wall Street who are "moving the money from one side to the other side" if amateurs acted "exactly like these people that we were criticizing."
The young student shared a picture of his own donation on the Reddit page WallStreetBets, which facilitated the rise of GameStop shares.
Not surprisingly, people praised him for the way he spent his money.
The president of Children's Minnesota Foundation, Jennifer Soderholm, said that it was "inspiring to see young people in our community choosing to give back and pay it forward."
"We're so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times."
Kahn, who's a student at Cornell University, said that although he achieved high success in the stock market, he doesn't have plans to switch his major to finance:
"I do not want to work as an investment banker or anything of the sort."
"I want to build spaceships for (SpaceX and Tesla CEO) Elon Musk as a mechanical engineer."
He's now planning to pay off his college fees using the rest of his money.
Kahn Says This Is Not His Last Donation
"I have been very fortunate in life and I have so much time ahead of me still."
"This donation, I can easily come back from it and I will continue to do donations in the future, hopefully, if things keep going well for myself. It feels better than when you wake up in the morning and you see that you made some money."
Funnily enough, Kahn began to invest in the stock market when he was a high school senior, aiming to save up $12k "to buy a '90s Corvette to impress my crush."