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Fortune
Fortune
Will Daniel

Meme stock king Ryan Cohen is under investigation for Bed Bath & Beyond trades that netted him $60 million in 5 months

Ryan Cohen Bed Bath Bed, Bath & Beyond Chewy GameStop Trevor McFadden RC Ventures the Wall Street Journal
(Credit: Photo by: Don & Melinda Crawford/UCG/Universal Images Group via Getty Images)

Billionaire and Chewy co-founder Ryan Cohen is being investigated by federal regulators for his sudden sale of Bed Bath & Beyond during the height of 2022’s meme stock craze, The Wall Street Journal reported Thursday, citing unnamed sources familiar with the matter.

Cohen bought a $121 million stake in Bed Bath & Beyond in the first quarter of 2022 through his investment firm RC Ventures, but then abruptly sold his holdings just five months later after Bed Bath & Beyond soared in a meme stock rally, netting him a profit of over $60 million.

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