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REPORT: Missouri man now a millionaire on paper after investment into GameStop stock

FILE - In this May 7, 2020 file photo, a GameStop store is seen in St. Louis. Two hedge funds...
FILE - In this May 7, 2020 file photo, a GameStop store is seen in St. Louis. Two hedge funds are bowing out of their short positions on the money-losing video game retailer. Citron Research’s Andrew Left said in a video posted on YouTube that his company is going to become more judicious in shorting stocks. Melvin Capital is also exiting GameStop, with manager Gabe Plotkin telling CNBC that the hedge fund was taking a significant loss. (AP Photo/Jeff Roberson, File)(Jeff Roberson | AP)
Published: Jan. 30, 2021 at 3:17 PM CST
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(KY3) - A Missouri man recently invested $4,500 into bets on GameStop via the Robinhood app. Then stocks skyrocketed after his investment.

CNN reports AJ Vanover, who earns around $35,000 a year, is now a millionaire on paper after his investment.

It happened after an army of traders on Reddit bought up the stock in bunches to raise its price. GameStop shot up nearly 70%, clawing back much of its steep loss from earlier this week, after Robinhood said it would allow customers to start buying some of the stock again, according to the Associated Press.

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