Ryan Cohen’s Fans Lose Millions as Bed Bath & Beyond Bubble Pops
- Stock falls 52% in two-day wipeout after billionaire bailed
- More than one billion shares have been traded this week
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Individual investors who flocked into Bed Bath & Beyond Inc. over the past week, trying to squeeze short sellers and make a killing backed in part by the belief a Ryan Cohen-led shakeup was well underway, are now sitting on $205 million in losses -- at the very least.
An explosion of activity saw more than one billion shares of the struggling home-goods retailer trade this week, bringing back the type of cheering and excitement on popular forums like Reddit’s WallStreetBets last seen at the height of the meme craze last year. At one point on Wednesday, the stock was up more than 130% for the week.