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%.