The meme stock investor has lost $100 million in four months amid plunging sales and the CEO's departure.
Ryan Cohen, who sold Chewy.com to PetSmart for $3.4 billion in 2017, has become king of the meme stocks by investing in troubled companies like GameStop and Bed Bath & Beyond.Ryan Cohen, the billionaire founder of Chewy.com who has gone on to make splashy investments in GameStop and Bed Bath & Beyond, has bet big on turnarounds at fixer-upper companies. He’s still waiting on one at Bed Bath & Beyond.
The stock slide has delivered a blow to Cohen, 36, who owns almost 10% of the company and is one of its five largest shareholders. His stake is now worth $100 million less than when he Bed Bath & Beyond is the latest target in Cohen’s newfound career as an activist investor. In an open letter to the retailer earlier this year, he criticized it for paying executives too much while its sales declined, market share fell and stock price lagged. He said its “scattershot strategy is not ending the tailspin” the company has been in since before the pandemic.
He also pushed the company to improve performance by focusing its strategy and explore a sale of its Buybuy Baby chain. In March, Bed Bath & Beyond agreed to add three new directors to the board.
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