Billionaire and Chewy co-founder Ryan Cohen is reportedly under investigation by federal regulators for his sale of Bed Bath & Beyond stock during the 2022 meme stock craze, according to The Wall Street Journal. Cohen purchased a stake in Bed Bath & Beyond worth $121 million earlier in 2022 but sold his holdings just five months later, earning a profit of over $60 million. In a letter sent by his investment firm RC Ventures to Bed Bath & Beyond’s board and published by The Wall Street Journal, he also mentioned the possibility of a potential sale. However, when Cohen sold his stake in Bed Bath & Beyond, many retail investors suffered significant losses. Bed Bath & Beyond later faced financial struggles and eventually filed for Chapter 11 bankruptcy in April 2023.

Source: Wall Street Journal September 09, 2023 00:51 UTC