FILE - In this May 9, 2012 file photo, a Bed Bath & Beyond sign is shown in Mountain View, Calif. Bed Bath & Beyond's CEO is out of the top post as the home goods retailer looks to fix declining sales and lure shoppers back to its stores. The chain said Wednesday, June 29, 2022, that board member Sue Gove will serve as interim CEO, replacing Mark Tritton. (AP Photo/Paul Sakuma, File) (Paul Sakuma, Copyright 2020 The Associated Press. All rights reserved.)
Shares in Bed Bath & Beyond, a company that was plunged into the volatile world of meme-stock trading this year,fell approximately 41% Friday, days after its share price had more than doubled.
The immediate catalyst for the Friday sell-off appeared to be the same as the one that caused the brief run-up earlier in the week and well before it: activist investor Ryan Cohen.
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Cohen, the co-founder of online pet retailer Chewy, has been at the vanguard of the meme-stock movement, having helped lead a recovery in the price of video game retailer GameStop after disclosing his purchase of a stake in that company in 2020 on the belief that it was undervalued.
