Business Standard

Bed Bath & Beyond rally fizzles out as billionaire plans to dump stake

Billionaire investor Ryan Cohen's investment vehicle RC Ventures intends to sell 9.45 million shares, a filing late on Wednesday showed

A customer walks into a Bed Bath & Beyond store in Novi, Michigan (Photo: Reuters)
Premium

A customer walks into a Bed Bath & Beyond store in Novi, Michigan (Photo: Reuters)

Bed Bath & Beyond rally fizzles out as Bed Bath & Beyond Inc shares dropped 12.5% on Thursday after billionaire investor Ryan Cohen disclosed plans to sell his entire stake in the struggling retailer, following a stunning rally in the meme stock this month.

Cohen's investment vehicle RC Ventures intends to sell 9.45 million shares, a filing late on Wednesday showed. The second largest investor in the firm also proposed a sale of its January call options with strike prices between $60 and $80.

The disclosure of those bullish bets had sparked chatter among retail investors, driving record trading in the stock

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 18 2022 | 6:08 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com