GameStop Investors Donate Proceeds to Charity

Source: Good News Network

In a crazy week on Wall Street, some of the sub-Reddit users who used ‘crowd-vesting’ to raise the stock of GameStop against hedge fund managers donated large amounts of their proceeds to charity.

In just one week, GameStop’s stock price went $43 to $325.

Hunter Kahn, a 20-year-old Cornell University mechanical engineering student, made close to $30,000 in GameStop profits. Despite the majority of these earnings going to fund his education, Kahn used a portion of his proceeds to donate Nintendo Switch games and consoles, valued at $2,000, to a local children’s hospital.

Kahn stated in an Instagram post, “As a beneficiary of the recent events on Wall Street I think it is important that myself and others pay forward our good fortune.”

“I am proud to announce my humble donation of 6 Nintendo Switches and games to go with them to the Children’s Minnesota Hospital.”

Billionaire venture capitalist Chamath Palihapitiya turned his initial $115,000 investment into a $500,000 payout. He donated all his earnings to the Barstool Fund, a new charity that provides cash assistance payments to small businesses during the pandemic.

“I want to announce that I’m taking all the profits that I made plus my original position—so I’m gonna take $500,000—and I’m gonna donate to the Barstool Fund for small businesses,” Palihapitiya told CNBC.

Both men hope their generosity at such an extreme time of economic hardship will help others find hope.

Source: Good News Network