Jake Freeman had amassed a 6.2 percent stake in the struggling housewares chain before the share price skyrocketed.
Cohen has a devoted following among small retail investors because of his key role in the GameStop frenzy. In late 2020 and early 2021, traders on Reddit and other online communities snapped up the video game retailer’s shares, intent on capitalizing on a company that many institutional investors had written off. The stock surged from nearly $5 to more than $480 — a stunning rise for a bricks-and-mortar business in decline. The run-up fueled froth and volatility, and the meme stock was born.
Freeman attends the University of Southern California, where he’s studying applied mathematics and economics,said he raised funds for the initial investment by Freeman Capital from friends and family. His LinkedIn profile indicates that he has interned at the New Jersey-based hedge fund Volaris Capital.In a July 21 letter to the company’s board, he said Bed Bath & Beyond is “facing an existential crisis for its survival.
Bed Bath & Beyond has been struggling for years. Its first-quarter sales were 25 percent lower than the previous year as the retailer posted a net loss of $358 million. It also has $1.37 billion in debt.
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