Billionaire investor Ryan Cohen exited his position in Bed Bath & Beyond plunging the troubled retailer’s stock 40%.
According to a securities filing released Thursday Cohen’s RC Ventures sold its stock on Tuesday and Wednesday at prices ranging between $18.68 and $29.22 per share.
Bed Bath & Beyond fell 40% in morning trading Friday, adding to a loss of nearly 20% on Thursday’s session.
The stock rose over 200% in August amid a speculative rally in the so-called meme stocks, or shares traded by investors who make decisions influenced by social media.
According to media reports Cohen originally purchased his shares of Bed Bath & Beyond somewhere near $15.34 per share and made about $59 million.
After RC Ventures purchased more than 7 million shares and call options of Bed Bath & Beyond earlier this year, Cohen promoted new board members forcing its CEO to step down.
After the filling was public, investors flooded social media criticizing Cohen’s sale and blaming him for helping fuel a meme stock rally only to walk away with a profit.
Bed Bath & Beyond reported roughly $108 million in cash and equivalents in its fiscal first quarter, down from $1.1 billion a year before.
