Speculation can pay off very big. And it is not Max Hayden who will affirm the contrary. As a teenager living in New Jersey, he notably amassed a small fortune by reselling PS5s, Xbox Series Xs and a slew of other products at high prices.
The new generation consoles quickly sold out. A boon for speculators. Which were quick to get their hands on when they launched last November. And to be on the lookout for the slightest restocking. Remember last January when a PS5 restock was scooped up by scalpers even before it went live.
While the PS5 shortage is well on its way to lasting, young Max Hayden may be rubbing his hands. At 16, this American teenager managed to make 1.7 million dollars in turnover for a net profit of 110,000 dollars last year, reports The Wall Street Journal. How? ‘Or’ What ? By reselling PS5s and Xbox Series Xs for double their original value. Namely up to $ 1,100!
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Resale of PS5 and Xbox Series X: a juicy business!
Besides the consoles, it also sold highly prized products during containment : hair clippers, outdoor heaters, dumbbells, swimming pools… He has also sold Pokémon cards which have been in short supply in recent months. As a reminder, these can be resold at a high price. And for good reason, collectors do not hesitate to put crazy sums on the table to acquire the rarest.
As the teenager’s business flourished, he now rents a warehouse to maintain all his products. And that’s not all. To help him manage orders and shipments, he hired two friends who he pays $ 15 an hour. He told the Wall Street Journal that he spent 40 hours a week reselling his products. And expects to make even more money in 2021, as next-gen consoles and other products are still almost nowhere to be found on the shelves.