Some investors took a flier on GameStop Corp. stock in hopes they would make enough money to pay down debt. Now, after a wild January featuring a 1,625% rise, comes the hard part: deciding when to sell.
With the hot stock dipping on Thursday, the question has become more urgent.
Den Kovacs, a 25-year-old IT professional living in Detroit, moved $1,000 from his emergency savings and $200 he’d set aside for his student loan payment into his Robinhood account—all with an eye to getting a slice of the GameStop mania. On Jan. 25, he sold his other stocks to buy four shares of GameStop at $80. After selling four shares for $212 on Jan. 26, he bought six more shares at $292, according to trade receipts provided.
His end goal: make enough money to pay down his $7,000 credit card debt.
Mr. Kovacs and many other individual investors have been following the frenzy on Reddit, Discord and other platforms. On Friday, Mr. Kovacs sold his remaining seven shares at $352 and said he plans to use the gains—nearly $2,500, according to trade receipts provided—to pay down part of his credit card debt.
This content was originally published here.