Engineering student donates GameStop earnings to children's Minnesota hospital
Mechanical engineering student at Cornell University Hunter Kahn on gifting Nintendo Switch devices, games to sick children after making big bucks off GameStop.
A mechanical engineering student at Cornell University, Hunter Kahn, is being hailed as the ‘real Robinhood’ after donating his GameStop stock earnings in the form of video games for sick children at Children’s Minnesota Hospital.
During an appearance Thursday on "Fox & Friends First", Kahn said that he wanted to use his money "for good", highlighting the importance of the Minneapolis children’s hospital in his community and the "transfer of power" occurring as Wall Street hedge funds face off against retail investors over GameStop stock.
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"If the money is going from one side to the other it would be pretty hypocritical and meaningless if us retail traders didn’t use our money for good" Kahn said to Jillian Mele. "So I just wanted to do my part in saying like hey look, I think we’re the good guys here."
Kahn said he bought GameStop stock as the share price surged in late January, before the investment application Robinhood restricted trading. Kahn said that move was "eye-opening," as it led him to acknowledge that the market is "tilted" to favor rich investors and major investment institutions, but also highlighted the power of the retail investor.
The engineering student donated a plethora of video game devices and games, including six Nintendo Switch Lites, Super Smash Bros and Pokemon games, electronic cases, and gift cards to GameStop.
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In January, small retail investors from Reddit utilized the chat app Discord and the Robinhood investment app to increase the trading volume on stocks, including GameStop, to combat against short calls made by Wall Street investors.
The massive interest from prominent investors and the media pushed many retail investors to buy in, pushing the stock to a 52-week high of $483. The share price has since fallen back below $100 this week.
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