Ryan Cohen is hitting meme stocks hard on Friday after selling his entire stake in Bed Bath & Beyond (NASDAQ:BBBY).
Through RC Ventures, Cohen sold all of his shares of BBBY stock for between $18.68 and $29.22 each. This came after the firm bought call options on 1.67 million shares on Monday.
News of that call options purchase sent shares of BBBY stock rocketing higher throughout the week. As a result, Cohen’s RC Ventures saw a profit of $59 million from the investment. There’s also potentially more profits to be made from its options.
Cohen is a big name among investors in meme stocks. The executive founded pet e-commerce company Chewy (NYSE:CHWY). He is also currently the chairman of GameStop (NYSE:GME), an infamous favorite among meme traders.
News of Cohen selling his shares of BBBY isn’t just dragging down that meme stock. It’s also affecting other shares today. Let’s take a look at that below!
Meme Stocks Falling on Friday
- BBBY stock is down 40% as of Friday morning.
- GME stock is taking a 7% beating this morning.
- AMC Entertainment (NYSE:AMC) shares are down 5% as of this writing.
- Koss (NASDAQ:KOSS) stock is falling nearly 9% this morning.
Cohen’s actions also have him catching flak from meme stock traders. Investors across social media are taking Cohen to task for selling his shares after speculation pushed BBBY higher after his call options purchase.
Investors looking for other stock market news today are in luck!
InvestorPlace is home to all of the latest stock market news for Friday! That includes why shares of Rivian Automotive (NASDAQ:RIVN), Bill.com (NYSE:BILL) and GigaCloud Technology (NASDAQ:GCT) stock are on the move today. You can get those details from the following links!
More Friday Stock Market News
- Rivian (RIVN) Stock Falls on Plans to Cut Lower-Cost EVs
- Why Is Bill.com (BILL) Stock Up 16% Today?
- GCT Stock Alert: What Is Going on With GigaCloud Technology Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.