A 20-year-old college student sold his stake in troubled retailer Bed Bath & Beyond after itsshare price surged a month later. We made a profit of about $110 million. Transactions via Social Media.
Jake Freeman, an applied mathematics and economics major at the University of Southern California, purchased his 4.96 million shares in July at $5.50 per share through a holding company he founded. did.
On Tuesday he sold all of his shares worth more than $130 million before the stock closed at his $20.65, according to the Financial Times. It reported, citing regulatory filings.
"Certainly, we did not expect such a vicious uptick," Freeman said. "This was going to be over six months for him to play..."
Freeman, a former intern at New Jersey-based hedge fund Volaris Capital, told friends and family reportedly raised initial investment funds with the help of
In a letter to the company's board dated July 21, he said the company was "facing an existential crisis."
He added that there is a need to "lower the cash burn rate, significantly improve the capital structure and raise cash."
"Freeman's capital plan for the reorganization of [Bed Bath & Beyond] consists of two key legs: reducing debt and raising capital," he said. is writing
But on Thursday,Wall Street's newest meme stock plummeted after his Ryan Cohen, an activist investor, confirmed a withdrawal.
The stock has already plunged 20% during the regular session and he closed at $18.55 before he fell nearly 35% in after-hours trading.
Cohen's influence has taken several other meme strains that have gained popularity through social media to astounding heights.
He had risen to increasing prominence after his previous investment in GameStop, where amateur investors cut through billions of dollars in hedge fund fortunes.
The rise of Bed Bath & Beyond's stock sparked a social media frenzy, with many voices on Reddit and other platforms urging investors to keep buying.
Cohen He sold all of the approximately 7.8 million shares he held earlier this week for between $18.68 and $29.22. Earlier in March, he revealed that he had acquired his nearly 10% stake in Bed Bath & Beyond.
