Bed Bath & Beyond Inc. shares soared 36% Monday with no apparent news driving the move, as the Wall Street Bets crowd on Reddit again embraced the “meme” stock. One individual on the Reddit forum, who goes by the name of “TheDude0007,” said his inbox has been blowing up with inquiries about his decision-making process after he said he had “10x’d a $45K YOLO” in Bed Bath & Beyond. YOLO stands for you only live once.
The post explained that the individual has been monitoring the stock of the troubled retailer closely since Ryan Cohen, an activist shareholder, founder of pet products retailer Chewy Inc.
CHWY,
+6.14%
and head of RC Ventures LLC, took a position. Cohen has since forced a number of changes at the company, including pushing out its “overcompensated CEO” and gaining three board seats, said the post. Cohen has pushed hard for the sale of the company’s Buy Buy Baby chain, which appears to be happening and “a proposal of a hefty investor dividend from the proceeds has been initiated,” said the post. The individual is essentially betting on Cohen. “As an investor, I do not invest in companies with the conviction in which I invest in people. This theory of mine started with Steve Jobs / AAPL
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