16-yr-old kid earns lakhs of rupees by just selling PlayStation 5, Xbox consoles

Microsoft and Sony are still facing issues catching up to the demand for their Xbox Series X|S and PlayStation 5 gaming consoles, respectively. This has bloated the black market for the new generation consoles by a huge margin. During this scarcity, a 16-year old boy, Max Hayden managed to garner a revenue of $1.7 million last year by just reselling the PS5 and the Xbox Series X game consoles according to a report by The Wall Street Journal.

According to the report, Hayden managed to earn a profit of $110,000 (approximately Rs 82,65,163.50), out of the $1.7 million revenue. Hayden managed to garner $1.7 million in revenue within 18 months, by simply buying the consoles and selling them at almost double the price. He sold the consoles for around $1,100 per unit, when they cost him about $500 per unit.

The report also stated that Hayden has been selling other hard to get stuff like patio heaters, Pokemon cards, sneakers too.

Hayden told The Wall Street Journal that he co-rents a big warehouse space to run his venture and has two of his friends helping him out in exchange for monetary benefits. He currently works on his business model for 40 hours a week, with the rest of his time being devoted to high-school studies.

While Hayden has been highlighted, he is not the only scalper that has managed to amass a small fortune thanks to the ongoing pandemic. Many scalpers are currently operating online, snagging up items facing a shortage and then flipping them for a profit.

Hayden’s father in a statement said that he was initially uncomfortable with his son’s business success because he benefited from a health crisis caused situation. However, he is permitting the business because his son only resells luxury goods, not necessities. Concluding with the statement “This is capitalism.”

New game consoles are currently facing a major supply shortage due to multiple reasons, including heightened demand, semiconductor shortages, bots that purchase multiple units as soon as they go on sale and more.

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