This investor made $110 million from trading Bed Bath & Beyond — and he’s a 20-year-old student
Securities and Exchange Commission filings show that Jake Freeman, who is a 20-year-old student, made $110 million from meme-stock favorite Bed Bath & Beyond BBBY .
Freeman snapped up a 6.2% stake in the homeware retailer in July -– almost 5 million shares equating to approximately $25 million, or $5.50 per share.
On Tuesday, Freeman sold over $130 million worth of stock, the filings show.
“I did not expect the price to soar as it did,” Freeman told MarketWatch. “I did expect that as BBBY better structured its balance sheet for value to be unlocked. I felt at those elevated levels, BBBY was not worth it from a risk/reward standpoint.”
Submitted August 18, 2022 at 01:39PM by bafangoolNJ
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