That’s fine, but make him earn it!“I’m inclined to set him up with “something” that he can use to gain experience.”
Task him with reading a book from the Boglehead’s recommended reading list that touches on history and theory (and have him explain it to you). “The Four Pillars of Investing” comes to mind but there are many more.
All the experiences and lessons have already been had and learned - no need do them all over again first hand.
He and his friends are undoubtedly influenced by media noise and Robinhood news, so try to get ahead of it, as best you can, by interjecting some solid information to give him an educated starting point. First!
Emphasize the importance of investing over trading!
Good luck