Bed, Bath & Beyond stocks plunge after major sell-offs from billionaire and 20-year-old investor
College junior sold for $110m after raising $25m for stock buy
The Facts Inside Our Reporter’s Notebook
Home retailer Bed Bath & Beyond saw its share prices tumble this week after two high-profile investor sell-offs, one of them from a 20-year-old college junior who made millions of dollars in the deal.
The company's shares, which peaked Wednesday at a five-month high, dropped by roughly 50 percent after the selloffs, falling from around $23 to just under $11.
The plunge comes after high-profile billionaire stock maven Ryan Cohen sold off his entire 10 percent share in the company, just several months after he bought the stake and began demanding changes to the beleaguered, cash-strapped corporation.
The drop also comes following 20-year-old college junior Jake Freeman sold off his 6.2 percent share in the company, which he had purchased in July and which at sale was valued at $110 million.
Freeman had bought the shares in July after raising $25 million in capital to do so.
“I did not expect the price to soar as it did,” he told MarketWatch.
Just News, No Noise
- National Guardsman with religious objection given COVID-19 vaccine instead of flu shot
- Hundreds of Virginians have had firearms confiscated through red-flag laws
- Conservatives, pro-lifers face political violence after Biden called Trump supporters 'threat'
- Jan. 6 committee chair: Public hearing next week, no final report before election
- Supreme Court won't hear case on Justice Department 'filter teams' like those used in Trump search