Published on 13 Feb 2023 on Reuters via Yahoo Finance
Meme stocks in reverse as Bed Bath & Beyond slump spooks investors
(Reuters) - Retail favorites GameStop and AMC Entertainment fell on Friday, undoing much of their recent gains after billionaire Ryan Cohen abruptly dumped his stake in struggling retailer Bed Bath & Beyond days after he took a bullish options position in the stock.
Bed Bath & Beyond Inc's shares extended their plunge, falling 42% to $10.80, after Cohen said a day earlier he had sold his 9.8% stake in the company, almost five months after amassing it and pushing for changes.
The stake sale could result in a windfall between $55 million and $60 million for Cohen, according to a Reuters review of regulatory filings.