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Behind the collapse of BBBY, the "big brother" Cohen ran away after making money!
$Bed Bath & Beyond Inc (BBBY.US)$
Overnight in the U.S. stock market, retail holdout stocks were hit hard, and the leading 3B Home collapsed in the current Meme stock boom, closing down nearly 20%, the biggest drop since June 29, and falling more than 40% after the bell.
Overnight in the U.S. stock market, retail holdout stocks were hit hard, and the leading 3B Home collapsed in the current Meme stock boom, closing down nearly 20%, the biggest drop since June 29, and falling more than 40% after the bell.
As with previous hyped Meme stocks , BBBY has poor fundamentals, dismal results, and the dismissal of its managing director, as well as being heavily shorted, while the company's stock price can easily form a short sale once it rises and drive the stock price further higher.
Yesterday's selloff was mainly due to the escape of Ryan Cohen, one of the "ringleaders," after Ryan Cohen, chairman of GameStop and chairman of pet supply e-commerce company Chewy, filed a Form 144 with the SEC indicating his intention to sell his entire stake in BBBY starting Aug. 16. In less than 24 hours, Cohen dumped his 9.5 million shares of BBBY stock.
It's worth noting that Ryan Cohen is considered the "leader" in this Meme stock boom, having previously bought more than 1.6 million BBBY vanilla calls expiring in January 2023, leading an army of retail investors into BBBY and pushing its stock higher.
Ironically, after submitting the announcement of the reduction, WallStreetBets on Reddit, the home of U.S. retail investors, still had many posts urging people not to rush to sell, firmly believing that Cohen would not abandon them.
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