Meme-stock king Ryan Cohen is making wild profits. But at whose expense? jenwieczner writes on Cohen's stockfluencer brand of YOLO investing
They made an odd couple. Arnal was a Fortune 500 veteran who had spent most of his career at the multinational Procter & Gamble; colleagues reportedly remembered him as a straitlaced professional and workaholic. Cohen, by contrast, has emerged in recent years as Wall Street’s meme-stock king, posting and trolling his way — one poop emoji at a time — to becoming the Reddit version of a populist hero.
Retail investors had played right into Cohen’s hands. By the end of the following day, he had sold all of his stock, according to a subsequent filing. The revelation sent the company’s stock crashing, while Cohen walked away with a $68 million profit. In the days following Cohen’s sale, however, the true extent of Bed Bath & Beyond’s woes became clear. “I think it’s highly problematic for Ryan Cohen to place individuals on the board, dump all of his shares, and then the next day we learn that Bed Bath & Beyond has hired restructuring experts and now they’re engaged in some financial difficulties,” says Daniel Taylor, a Wharton professor who specializes in fraud.
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