Bed Bath & Beyond stock is crashing after Ryan Cohen’s exit

Meme stock influencer Ryan Cohen is sending Bed Bath & Beyond stock plummeting.

Shares of the badly struggling retailer cratered 45% in pre-market trading on Friday as it was disclosed late Thursday Cohen’s RC Ventures sold his entire position in Bed Bath & Beyond. Cohen, who is also the chairman of GameStop, had about an 11.8% stake in the company.

Cohen’s exit caps off an otherwise insane week of trading for a retailer not too far away from entering a grave alongside Sears, Kmart, Borders, and Circuit City.

Bed Bath & Beyond stock skyrocketed by nearly 70% in intraday trading on Tuesday as a result of a massive short squeeze. BBBY stock finished that session up 29% in a volatile day. From Tuesday’s close to prior to Cohen’s disclosure after Thursday’s session, shares had gained another 17%.

Cohen initially disclosed a 9.8% stake in the company in March, and the recent resurgence of BBBY stock involved the meme community once again rallying together to counter institutional forces…

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This article was written by and originally published on finance.yahoo.com