Investors Got Creamed on Bed Bath & Beyond, But This Billionaire Cashed In

To an army of meme stock investors, Chewy founder and billionaire Ryan Cohen has served as a spiritual guide. Where he invested, they did so too, first at GameStop and then at Bed Bath & Beyond.

But last summer, the relationship grew more complicated. As Bed Bath & Beyond’s stock price briefly spiked, Cohen quietly offloaded his entire stake, netting a reported $68 million profit. When news broke of his sell-off, the stock collapsed 40 percent. Then it kept falling, down and down, until it was trading at roughly 1 percent of last August’s price—leaving many retail investors with virtually worthless shares.

On Sunday, the company announced that it was filing for Chapter 11 bankruptcy and would wind down its operations.

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