GameStop is an American video game with electronics and other game merchandise retailers. Recently GameStop was in a huge financial crisis and was about to go bankrupt. Wall street hedge funds started noticing companies like GameStop were struggling due to lockdown and people not being able to go out to stores. Some companies were making hedge bets that GameStop was going to go out of business.
The power of Social Media convinced people to buy into GameStop including Redditors. The price of stock sky-marketed and it went from $30 to $350 in a week per share. The hedge funds that were betting on GameStop to go out of business were not happy with this change and for that reason they lost billions. On the contrary many “average joe” people make some money out of this stock and some even put it to good use.
Since then a student who made $30k from the GameStop stock market donated it to a children’s hospital in need. Hunter Khan who attends Cornell University announced on Instagram that he donated 6 Nintendo Switch consoles to a children’s hospital nearby. For example his caption states “As a beneficiary of the recent events on Wall Street I think it is important to myself and others that we pay forward our good fortune.” The gifts that Khan gave the children is an important contribution to society in a time like this.
Many parents and others are thanking Hunter for how this brightens so many lives especially in a time like this. An example of this is “I was told by Children that some of the switches are in use by the patients already which is amazing to hear. And of course my Instagram has been blowing up by parents of children in that situation or people who have grown up or in that situation right now, and hearing those stories is the most gratifying thing in the world.” People all over the country right now are going through harder times than most of us. We should never take anything for granted and always be thankful for what we have.
Students are trying to think positive during this time and contribute to their own society in whatever way they can. People are trying to look at this time as improving or making a difference even when times like this are tough. “I just wanted to do my part and make sure that us retail traders are the good guys in this battle,” Khan said about his donation. Earning money and putting it to good use is something that can inspire people to do.