{"id":50881,"date":"2022-08-19T22:10:12","date_gmt":"2022-08-19T22:10:12","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/08\/19\/bed-bath-beyond-shares-tank-after-billionaire-ryan-cohen-dumps-stake\/"},"modified":"2022-08-19T22:10:12","modified_gmt":"2022-08-19T22:10:12","slug":"bed-bath-beyond-shares-tank-after-billionaire-ryan-cohen-dumps-stake","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/08\/19\/bed-bath-beyond-shares-tank-after-billionaire-ryan-cohen-dumps-stake\/","title":{"rendered":"Bed Bath & Beyond shares tank after billionaire Ryan Cohen dumps stake"},"content":{"rendered":"
\n

Bed Bath & Beyond’s stock price soared this week, leaving many investors who piled into shares of the struggling home goods retailer with suffocating losses. <\/p>\n

But at least two investors have walked away with millions after selling their stake in the company before the fund collapsed. One is Ryan Cohen, the billionaire founder of online pet food company Chewy, while the other, and more surprisingly, is a college student at the University of Southern California. <\/p>\n

Cohen sold his entire 7.7 million shares on Tuesday, according to a Securities and Exchange Commission filing. In doing so, it made a net profit of $178 million, Barron’s reported. Cohen bought and sold his shares through his investment firm RC Ventures. <\/p>\n

Bed Bath & Beyond did not respond to a request for comment Friday. <\/p>\n

Bed Bath & Beyond was one of a handful of so-called meme stocks, including video game retailer Gamestop, that retail investors embraced last year in defiance of Wall Street players who had largely written off the companies. As a result, Bed Bath & Beyond’s stock price grew from $3.70 per share at the start of the pandemic in March 2020 to about $30 each in June 2021.<\/p>\n

The company’s stock saw another surge this year, thanks in large part to Cohen himself<\/span> and a new army of meme investors. <\/p>\n

But on Friday, Bed Bath and Beyond’s share price fell nearly 41% to close at $11.03 the day after hitting $28 earlier this week. Most of that decline came after investors realized Cohen sold his shares, said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.<\/p>\n

Bed Bath & Beyond’s stock price had held up this year, and then “all of a sudden, the flag bearer of the rise and a little bit of the left,” Dusaniwsky said. “He deflated the balloon.”<\/p>\n

A+ investment<\/h2>\n

Bed Bath & Beyond has become the center of conversation on WallStreetBets, a Reddit page where meme investors discuss strategy. In the posts, some users react to Cohen’s sale, while others call on fellow investors to stay the course and hold their shares. <\/p>\n

“It’s not back to its pre-meme lows (prices),” Dusaniwsky said. “It’s the ones who hold it until it’s down there again that regret not selling sooner.”<\/p>\n

Before losing steam, shares of Bed Bath & Beyond also generated a strong return for Jake Freeman, the Financial Times reported. A regulatory filing shows the USC economics and math major bought about 5 million shares of the company in July and then sold them on Wednesday, netting a $110 million profit.<\/p>\n

Freeman told the Financial Times that he bought his shares at $5.50 each and that the price started to rise shortly after.<\/p>\n

“I certainly didn’t expect such a vicious rally to the upside,” Freeman, 20, told the paper. “I thought it would be a work of more than six months.” <\/p>\n

Freeman did not respond to a request for comment Friday. He told the Financial Times that he got the money for his investment in Bed Bath & Beyond from friends and family.<\/p>\n

<\/p>\n