![]() While he saw that outcome as a real possibility if the company didn't take action, he believed that if it adjusted its capital structure, it could raise more cash and gain more time to save its business. BBBY stock has plummeted from a high of 30 last August to 30 cents as of Fridays close. The college student's Freeman Capital Management sold its entire position less than a month later for over $130 million - close to BBBY's entire market capitalization at Friday's close.įreeman, aged only 20 at the time, said that he bought BBBY stock because it appeared to be priced for bankruptcy. Ryan Cohen and Jake Freeman raked in about 180 million in profits on the meme stock between them. Meanwhile, Jake Freeman paid about $25 million for a 6.2% stake in BBBY, which he first revealed in late July. He flagged BBBY aggressively repurchasing stock then reporting heavy losses as a major red flag. "My views of the business clearly changed," Cohen, who pushed for changes at the company, said about the disposals last year. The stock climbed as high as $30 in August, or 100 times its closing price of 30 cents on Friday. The activist investor and meme-stock specialist sold all of the shares and options for $189 million in August, meaning he raked in a roughly $68 million return in the space of eight months.Ĭohen bought into BBBY at prices ranging from about $13 to $17, a Securities and Exchange Commission filing shows. He purchased 9.8% of the homeware retailer, as well as bullish call options on its shares. Gang Beasts is a silly multiplayer party game with surly gelatinous characters, brutal slapstick fight sequences, and absurd hazardous environments, set in the mean streets of Beef City. The meme-stock champion and college student cashed out roughly $180 million in combined profits from the homeware retailer's stock in August - less than eight months before the company's bankruptcy filing on Sunday.Ĭohen, Chewy's cofounder and GameStop's chairman, invested about $121 million in BBBY in the first quarter of last year. Ryan Cohen and Jake Freeman have been cemented as rare winners from the Bed Bath & Beyond saga. Gang Beasts is taking over Steam by a storm, and the Internet has replied the way it always does: with funny memes. Ryan Cohen and Jake Freeman raked in about $180 million in profits on the meme stock between them.īBBY stock has plummeted from a high of $30 last August to 30 cents as of Friday's close. ![]() Photo by Richard Levine/Corbis via Getty Imagesīed Bath & Beyond, the embattled homeware retailer, filed for bankruptcy on Sunday. Bed Bath & Beyond's bankruptcy filing has cemented Ryan Cohen and Jake Freeman as rare winners from the meme stock.
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