Is Jack Cohen going to celebrate like it’s January 2021? Catalyst for GameStop Short Squeeze buys 9% of Bed, Bath & Beyond shares
Jack Cohen, founder of pet supply retailer Chewy Inc., the exposed tweet art artist, the man who gets to be the catalyst for GameStop’s Short Squeeze event that shocked the financial world, revealed that he owns 9.8% of his shares in Bed Bath & Beyond.
For those who may not remember, the last time Cohen announced a similar stake in the company was ahead of the infamous 2021 memes stock revolution.
In August 2020, it was reported that Cohen’s RC Ventures had taken 9% of GameStop shares while the company’s shares were trading down. This led to stock trading rising in the wake of the news.
Cohen eventually increased its holdings in GameStop to 13% of the stock, leading to January 2021 when it was announced as the new chairman of GameStop.
And then the shares went up … in a big way!
The announcement on January 11, 2021 of Cohen’s rise to the chair of GameStop was Pearl Harbor of the stock world, a “slanderous day” that led to the mighty short squeeze event.
Only this time it was not Japanese zeros dropping bombs, it was the r / Wallstreet Bets from Reddit that launched an attack on the evil hedge funds and institutional guys on Wall Street.
The event caused a massive rise in GameStop stock prices from $ 19 to a high of $ 483! And the rest, as they say, history!
Fast forward to today, and Jack Cohen bought another 9% in the company. Over the weekend, it was reported that Cohen’s RC Ventures bought 9.8% of the home goods retailer Bed, Bath & Beyond.
(Mark the subject of the dragon)
As Han Solo said in Star Wars, “I have a bad feeling about it.”
Shares of Bed, Bath & Beyond jumped 40% in pre-market trading, and as of this writing are still on the rise.
Cohen’s venture capital firm sent a letter to the Bed Bath & Beyond board detailing moves they want the company to take after expressing disappointment with the company’s business plan.
According to the Wall Street Journal, “His letter states that Bed, Bath & Beyond needs to reduce its focus and maintain the right inventory mix to meet demand. He wrote that the company needs to explore other ideas including separating the Buybuy Baby retail chain or selling the company as a whole. “.
Bed Bath & Beyond replied that they would take Cohen’s advice into account … that it’s a business way of saying “we’ll get back to you”.
But given Cohen’s history, he may run the company until they get back to him.
Is this going to be the next big saga in the era of meme stock, or just a routine letter designed to shape the Bed, Bath & Beyond board into shape?
only time will tell.
But oh, the intrigue! Bed, Bath & Beyond have never been more interesting than they are now.
Will a movie deal follow suit? Continue to follow…
Another GameStop? Jack Cohen Buys 9% Of Bed, Bath & Beyond Source link Another GameStop? Jack Cohen Buys 9% Of Bed, Bath & Beyond