Chamath Palihapitiya has made a lot of money over the years investing in companies. An investment in GameStop Corp GME paid off in a hurry and Palihapitiya is now paying it forward with a donation to charity.
What Happened: Palihapitiya bought call options in GameStop on Tuesday with a strike price of $115. The options have skyrocketed with shares of GameStop trading over $300 on Wednesday.
Palihapitiya sold his calls and is donating $500,000 in profits to The Barstool Fund, a charity started by Barstool Sports Founder Dave Portnoy to help struggling small businesses that have suffered during the COVID-19 pandemic.
At publication time, The Barstool Fund has raised over $32.8 million and helped 187 small businesses.
Other Barstool Fund Donations: Jon Najarian announced during “Halftime Report” that he's also donating profits from his GameStop trades to The Barstool Fund. Najarian shorted GameStop on Tuesday but has reversed his trade putting on put spreads on GameStop options.
The Twitter account WSBChairman has also called for donations to The Barstool Fund from GameStop profits.
Portnoy thanked the WSBChairman and added, “Any suit who pretends they don’t do this to the little guy is a liar. Ain’t no fun when the rabbit has the gun.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.