As the COVID-19 pandemic scared millions of people across the world since January 2020, there were also many who profited a lot from various medical supplies that people so desperately wanted to buy. But one guy is now stuck with 17,000 hand sanitizers he can’t sell because Amazon and eBay banned him for price gouging.
Earning Nearly $90,000 on ‘Pandemic Packs’
It was in early February that Matt Colvin, a 36-year-old former Air Force technical sergeant and Amazon seller, earned an estimated $90,000 profit after selling ‘pandemic packs’. He secured 2,000 ‘pandemic packs’ leftovers from a defunct company, with products that he managed to buy from a nearby liquidation firm for $3.50 each, instead of the original selling price of $5.
He listed the ‘pandemic packs’ on eBay for a whopping price of $50 or even more but was quite surprised when he sold out the packs in just a few days! While he declined to disclose his actual profits, it’s easy to calculate that he earned around $90,000 from these items.
Stoked by the success of the ‘pandemic packs’, Matt and his brother Noah drove around their hometown in Chattanooga, Tennessee on March 1. They cleaned out all the shelves from various shops and filled their SUV with their massive haul of hand sanitizers.
Not content with the haul, Noah traveled across Tennessee and even into Kentucky in a 1,300-mile road trip for the sole purpose of buying as many hand sanitizers as he could! The next day, Matt stayed at home to begin packing the goods in crates and posting them for sale on eBay and Amazon while Noah went out for more.
“The major metro areas were cleaned out,” Matt proudly announced.
A COVID-19 Millionaire?
On the first day, Matt was able to sell at least 300 bottles of hand sanitizers for as much as $70 each – several times higher than the amount he bought them for. With no stocks in the supermarket shelves, people had to buy from him.
He was happy with the ‘crazy amount of money’ he is getting from the hand sanitizers as the profits rolled in. But though people think he was profiteering from a pandemic, Matt said it was just a business strategy.
With a stock of 17,000 hand sanitizers in his garage, Matt knew he’s going to be a millionaire within days of the COVID-19 pandemic! He didn’t count on Amazon and eBay cracking down on resellers like him for price gouging. The next day, with just around 300 packs sold, both sites took down his posts and banned him for life.
“It’s been a huge amount of whiplash. From being in a situation where what I’ve got coming and going could potentially put my family in a really good place financially to ‘What the heck am I going to do with all of this?’” Matt admitted.
But no one is sympathizing with him. With so many people left with no hand sanitizers, alcohols, masks, and other medical supplies due to hoarders like him, everyone is hoping that no one would make the mistake of buying anything from him – so that he’ll be stuck forever with 17,000 hand sanitizers but no one to sell them to! Karma at its best.
Source: Yahoo! News
UPDATE: Here’s what happened next: