2024-08-18 12:18:00 +0300

: This investor made $110 million from trading Bed Bath & Beyond and hes reportedly a 20-year-old student

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MarketWatch
By Anviksha Patel

At least one investor exited Bed Bath & Beyond ahead of GameStop chairman Ryan Cohen.

Securities and Exchange Commission filings show that Jake Freeman, who reportedly is a 20-year-old student, made $110 million from meme-stock favorite Bed Bath & Beyond BBBY, +11.77%.

Freeman snapped up a 6.2% stake in the homeware retailer in July - almost 5 million shares equating to approximately $25 million, or $5.50 per share.

On Tuesday, Freeman sold over $130 million worth of stock, the filings show.

I certainly did not expect such a vicious rally upwards, Freeman told the Financial Times on Wednesday. I thought this was going to be a six months plus playI was really shocked that it went up so fast. Freeman didnt respond to an email from MarketWatch seeking comment.

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Shares of Bed Bath & Beyond fell more than 18% in after-hours trading on Wednesday after Cohen disclosed his plans to sell his big stake in the company just months after he bought it.

The report said hes a student at the University of Southern California and raised the initial money from friends and family.

Continue read on marketwatch.com

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