The secret to 20-year-old Jake Freeman’s $110M Bed Bath & Beyond success
It’s been a big week in the meme-verse, but this time, it’s not the usual suspects, GameStop or AMC. Instead, it’s Bed Bath & Beyond (NASDAQ:BBBY) — Ryan Cohen’s latest toy (and soon-to-be old toy).
In March, Ryan Cohen revealed a major 9.8% stake in the struggling retailer through his investment firm. But $BBBY fell over 80% from the end of March and all was silent.
Until meme stock excitement began heating up in recent weeks with the nearly 32,000% rise in an obscure Chinese company.
r/WallStreetBets’ latest hero: Jake Freeman is the 20-year-old who made $110M trading Bed Bath & Beyond.
- Freeman raised nearly $25M from friends and family and started picking up shares in $BBBY at under $5.50 a share.
- His stake was so large that he owned over 6% of $BBBY through his firm, Freeman Capital Management.
In a matter of weeks, $BBBY shot up over 400% — pulling back this week after Ryan Cohen revealed his intent to sell his entire $BBBY position.
How did a 20-year-old pull this off? Let’s take a look at some things we know about Freeman — who was no ordinary teenager:
- His background: Mathematics and Economics major at the University of Southern California and interned at New Jersey hedge fund Volaris Capital for years before he even turned 17.
- His uncle: A former pharma exec who recently took a major stake in Mind Medicine (NASDAQ:MNMD).
- His supporters: A network of high-net-worth individuals that’ll give him $25M to fund his position to begin with.
If you’re wondering how to make $110M on $BBBY, the above is a good starting place.