*A 10-year-old boy whose mom bought him $60 worth of GameStop stock for Kwanzaa in 2019, “to start teaching him financial literacy,” is now $3200 richer after last week’s small-scale investor-induced surge.
Jayden Carr, a fifth grader from San Antonio, was gifted 10 GameStop shares, each at $6.19. His mom chose that particular stock because her son liked to buy video games at the store and she wanted to teach him a little about the stock market.
In a matter of minutes last week, his $60 stake in the video game retailer grew to $3,200. His mom, 31-year-old Nina Carr, was working in her home office on Wednesday when her phone started blowing up with news alerts about GameStop’s Reddit-spurred surge. Once she realized what was happening, she made a beeline to her son’s bedroom.
“I was so excited for him,” she said. In simple terms, she described to Jaydyn what happened to his GameStop shares and why they suddenly skyrocketed.
“She was saying that stocks hardly ever go up this way, so if I wanted to sell it, we should sell it now,” Jaydyn said.
Ultimately, the choice was his.
“It wouldn’t be fair for me to make the decision on his behalf,” Carr explained. Besides, she added, “if he lost the money, it would have been a lesson learned.”
So, she asked her only child the burning question: “Do you want to sell or stay?”
To her relief, Jaydyn decided to sell.
“I was so excited. I thought it wasn’t even reality,” Jaydyn said.
Carr then walked her son through the selling process, and he cashed out his shares. The plan is to put $2,200 in Jaydyn’s savings account and then invest the remaining $1,000 as a mother-son team.