Microsoft and Sony are still facing problems meeting the demand for their Xbox Series X|S and PlayStation 5 gaming consoles respectively. This has increased the black market for the new generation of consoles by a huge margin. During this shortfall, a 16-year-old boy, Max Hayden, managed to earn $1.7 million in revenue last year by reselling PS5 and Xbox Series X game consoles, according to a report. wall street journal,
According to the report, Hayden managed to make a profit of $110,000 (approximately 82,65,163.50) out of $1.7 million in revenue. Hayden managed to raise $1.7 million in revenue within 18 months, simply by buying the consoles and selling them for almost double the price. He sold the console for about $1,100 per unit, when they cost about $500 per unit.
The report also states that Hayden is selling items like patio heaters, Pokémon cards, sneakers, among other hard to obtain items.
Hayden told wall street journal that he co-rents a large warehouse space to run his enterprise and two of his friends help him in return for monetary gains. He currently works on his business model 40 hours a week, with the remaining time devoted to high-school studies.
While Hayden has been highlighted, he is not the only scalper who has managed to amass a small fortune thanks to the ongoing pandemic. Many scalpers currently working online are snatching items facing shortages and then flipping them for a profit.
Hayden’s father said in a statement that he was initially uncomfortable with his son’s commercial success as he had benefited from the health crisis situation. However, he is allowing the business as his son only sells luxuries and not necessities. Concluding with the statement “this is capitalism”.
New game consoles are currently facing a major supply crunch for a variety of reasons, including increased demand, semiconductor shortages, bots that buy as many units as they go on sale, and more.
16-year-old makes lakhs of rupees just by selling PlayStation 5, Xbox console first appeared on BGR India.
