BBBY - Ryan Cohen Just Tanked Meme Stocks GME AMC KOSS
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Ryan Cohen is hitting meme stocks hard on Friday after selling his entire stake in Bed Bath & Beyond (NASDAQ:BBBY).
Cohen, through his RC Ventures venture capital firm, sold all of his shares of BBBY stock for between $18.68 and $29.22 each. This came after the firm bought call options on 1.67 million shares Monday.
News of that call options purchase sent shares of BBBY stock rocketing higher throughout the week. As a result, Cohen’s RC Ventures saw a profit of $59 million from the investment. There’s also potentially more profits to be made from its options.
Cohen is a big name among investors in meme stocks as he leads founded pet e-commerce company Chewy (NYSE:CHWY). He’s also currently the chairman of GameStop (NYSE:GME), which is another favorite of meme traders.
News of Cohen selling his shares of BBBY stock isn’t just dragging down that meme stock. It’s also affecting others today. Let’s take a look at that below!
Meme Stocks Falling on Friday
- BBBY stock is down 40.8% as of Friday morning.
- GME stock is taking a 7.1% beating this morning.
- AMC Entertainment (NYSE:AMC) shares are slipping 5.4% as of this writing.
- Koss (NASDAQ:KOSS) shares are falling 8.6% this morning.
Cohen’s actions also have him catching flak from meme stock traders. Those across social media are taking the investor to task for selling his shares after speculation pushed them higher on his call options purchase.
Investors looking for other stock market news today are in luck!
InvestorPlace is home to all fo the latest stock market news for Friday! That includes why shares of Rivian Automotive (NASDAQ:RIVN), Bill.com (NYSE:BILL), and GigaCloud Technology (NASDAQ:GCT) stock are onthe move today. You can get those details from the following links!
More Friday Stock Market News
- Rivian (RIVN) Stock Falls on Plans to Cut Lower-Cost EVs
- Why Is Bill.com (BILL) Stock Up 16% Today?
- GCT Stock Alert: What Is Going on With GigaCloud Technology Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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