STORY: After soaring earlier in the week in the latest meme-stock frenzy, shares of Bed Bath and Beyond sank Thursday - losing more than 20 percent of their value mid-day - as a billionaire investor announced plans to sell his entire stake in the struggling retailer.
Ryan Cohen’s RC Ventures intends to sell 9.45 million shares, totalling $148.6 million, as well as call options on the stock.
Strategists said Cohen selling his stake in the company scared off even “the meme stock faithful.”
It was activist investor Cohen’s bet on the retailer that had sent its stock soaring.
Cohen is the co-founder of Chewy and chairman of GameStop.
Earlier this week, Bed Bath and Beyond shares saw the highest single day net buying from individual investors in at least five years.