![]() ![]() ![]() In July proceedings over the lawsuit, Washington D.C. The billionaire was sued by Bed Bath & Beyond investors who claimed his public statements prior to his sales-including a tweet that included a smiling moon emoji in reference to a negative article about the company-amounted to a pump-and-dump scheme that left retail traders in the dust. And on July 30, it closed its remaining 360 stores, as well as 120 Buy Buy Baby locations that Cohen lauded as a growth opportunity for the firm in 2022. The company, which at its peak in 2017 boasted a market cap in excess of $17 billion, was eventually sold for just $21.5 million to. And it often worked, if only temporarily. Their goal was to spark a short squeeze by buying into the company en masse that would drive share prices higher after forcing short sellers to exit their bearish bets. Retail traders on Reddit’s Wall Street Bets forum and other social media sites looked for stocks that were highly shorted by investors in 20, calling them meme stocks. The billionaire became one of the leaders of the meme stock mania in 2021 after taking control of ailing video game retailer and social media favorite GameStop, where he remains chairman today. Cohen did not immediately respond to Fortune’s request for comment.Ĭohen drew in thousands of retail investors to Bed Bath & Beyond after buying his shares. The Journal did not list a specific focus of the Securities and Exchange Commission investigation. He was able to get three new board members appointed, and said he hoped to modernize Bed Bath & Beyond’s supply chain and ensure it had better product mix to attract customers while floating the idea of a potential sale, according to a letter RC Ventures sent to Bed Bath & Beyond’s board that was published by the Wall Street Journal. ![]() Cohen used his roughly 10% stake in the ailing retailer to push for changes during the brief period he was involved with the company. ![]()
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