The Securities and Exchange Commission is investigating billionaire Ryan Cohen’s ownership—and surprise sale—of Bed Bath & Beyond OSTK 1.55%increase; green up pointing triangle shares at a time when such so-called meme stocks were all the rage with investors.
Cohen took a $120 million stake in Bed Bath & Beyond and pushed for changes to the housewares retailer’s sales strategy, but abruptly sold his 11.8% interest in August 2022, just days after tweeting positively about the company. The five-month investment netted him a profit of nearly $60 million.
Cohen’s interest in the company spurred a frenzy of trading that caused its stock to soar 34% in a day before collapsing when he disclosed the sales, prior to which he had gotten three new members appointed to the board.
Source: WSJ
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