Bed Bath & Beyond shares soar 40% on meme-stock crowd interest
CBSN
The investment firm of billionaire Ryan Cohen has taken a large stake in Bed Bath & Beyond and is recommending that the struggling retailer sell all or part of its business.
RC Ventures LLC has acquired a nearly 10% stake in Bed Bath & Beyond, according to a regulatory filing. RC stands for Ryan Cohen, a co-founder at Chewy, who was at heart of the GameStop meme saga last year.
Cohen built a huge following on Reddit and on social media in 2021 as smaller investors gobbled up GameStop and other meme stocks. Bed Bath & Beyond was among those companies and news of Cohen's interest sent its shares, which have tumbled 15% this year, up more than 70% at the opening bell Monday.
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