Meme Lord Ryan Cohen Unloads Bed Bath & Beyond Bet, Sending Shares Spiraling
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After years of declining sales, Bed Bath & Beyond is facing an existential crisis. WSJ’s Suzanne Kapner explains why the company has fallen on hard times and looks forward to what’s next for the veteran retailer. Photo Illustration: Laura Kammermann/WSJ
Billionaire investor Ryan Cohen cashed out his entire position in Bed Bath & Beyond this week, capping a wild stretch of trading in the stock and marking the latest sign that meme-stock mania is still alive.
Mr. Cohen, the co-founder of pet-supply retailer Chewy Inc., developed a deep fan base of individual investors last year after he ascended to become chairman of GameStop Corp., the original meme stock. In March, he revealed an activist position in Bed Bath & Beyond, sparking a rally in its share price.