Bed Bath & Beyond plunges into the stock market after the departure of a well-known investor

US home retailer Bed Bath & Beyond plunged into the stock market Friday after it was confirmed that one of its most important shareholders had sold all of its titles, which were recently one of the favorite bets of many small investors and speculators.

Half an hour after Wall Street opened, the company’s stock was down about 40%, losing much of the ground it had gained between last week and the middle of this week, a “rise” fueled by investors who gather on Internet forums for speculation. purposes.

Bed Bath & Beyond’s downfall began on Wednesday and accelerated today after it was learned that billionaire Ryan Cohen, director of RC Ventures, had liquidated 10% of the company he controls.

Cohen acquired that stake this year and tried to force several changes into the company, but after a few months he chose to give up his position and money to take advantage of the higher price of Bed Bath & Beyond.

According to the calculations of the CNBC chain, the investor received at least $ 59 million from the process, although the number may be higher due to the options that he was dealing with.

This month, Bed Bath & Beyond’s stock has been unusually high and the company has become one of the most talked about on internet forums as some users discuss and coordinate operations.

The company was already one of the first to be identified by these small investors, when the so-called “meme” stock phenomenon gained traction at the beginning of 2021 and its biggest defense was the video game store chain Gamestop.

In most cases, these investors are looking for companies in distress whose price is too low to speculate and try to make money quickly.

For example, in the past hours, several specialized media have echoed the case of a young American who allegedly made a profit of $110 million by selling his shares in Bed Bath & Beyond this week, which they bought for $25 million.

The household goods store chain has seen its sales fall sharply in recent months and is experiencing liquidity problems after posting heavy losses.

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