Why GameStop's Chairman Threw This Meme Stock's Shares Out the Window
Bed Bath & Beyond (NASDAQ: BBBY) just got wrecked. The home goods retailer's stock was annihilated by news investor Ryan Cohen was dumping his entire stake in the company, some 9.4 million shares, and stock options, or about 10% of the retailer's outstanding shares.
Having only established his position back in March and wrangling three seats on Bed Bath & Beyond's board of directors, while also engineering the ouster of CEO Mark Tritton, Cohen's RC Venture hedge fund packed its bags and ran for the exits.
Bed Bath & Beyond's stock crumpled 19% during regular trading hours, and then it was hit with a neutron bomb that evaporated an additional 42% of its value after the market closed. All that's left is an empty husk of a company that immediately scrambled to hire a reorganization expert to help manage its untenable debt load.
Source Fool.com
