(WCCO / CBS Local) – A man from Minnesota rode the GameStop wave of action for a few big dollars that he uses to give to charity.
Hunter Kahn, 20, largely cashed in last week’s rally, which was propelled by a Reddit online forum called “Wall Street Betting.” He bought six Nintendo switches and games to donate to Minnesota Children’s Hospital in Minneapolis.
“It was a better feeling than waking up in the morning and seeing this [GameStop’s stock price] it was on the moon, “Kahn said. “I love video games. I know it would be awful to be a child in a hospital without a joy to help them get through. ”
Kahn’s post on Reddit about his donation has over 175,000 “positive votes,” which is Reddit’s like version. Many amateur investors like Kahn have bought GameStop shares to beat hedge funds rich in their own game.
Hunter Kahn (credit: CBS)
“A lot of people say this is kind of like a transfer of power, but if the money goes from here only to the other side, there’s no difference if we act like the people we criticize,” Kahn said. “It’s important not to become men in suits and use our money for good.”
Paul Vaaler, a professor of business and law at the University of Minnesota’s Carlson School of Management, says the GameStop story shows the power of the Internet. He is less optimistic about this long-term populist investment movement.
“Making a lot of people move in one direction is a difficult thing to do,” Vaaler said. “It simply came to our notice then. Don’t hold your breath, it will happen again soon. “
Despite his success, Kahn says he does not want to work on Wall Street or finance. He is an engineering student whose dream is to build spaceships for Elon Musk.