Meet The 20 Year Old Who Made More On BBBY Stock Than Ryan Cohen

ryan cohen became a chief for the movement in bed Bath and Beyond (NASDAQ:BBBY) shares, previously announced a 9.8% stake in the retailer. New filings later revealed that Cohen owned an 11.8% stake in Bed Bath which included stocks and options.
On Thursday, it was revealed that Cohen sold his entire position at the struggling retailer. Cohen’s profit on a stake in the retailer was $68.1 million over a period of seven to eight months.
Compare it Jake Freeman, a 20-year-old college student who reportedly banked $100 million in Bed Bath & Beyond stock in less than two months. Freeman bought 4.69 million shares of the retailer in July for about $5.20 per share, along with his uncle Dr. Scott Freeman.

This gave his Freeman Capital Management Family Fund a 6.21% passive stake in Mem stock.

“I didn’t know it was a meme stock,” the student at the University of Southern California told Benzinga on Thursday.

“I looked at it more from the mathematical side — the balance sheet and the debt side, looking at the intersection of equities. I didn’t expect the stock to go up so quickly by any means.”

Bed Bath & Beyond Investor Plan: 21 in july letter to bed bath and beyondThe younger Freeman outlined Freeman Capital’s plan to restructure the retailer, which included two important steps: debt reduction and capital raising.

Fast forward just four weeks later, with a carefully orchestrated short squeeze known as “apps” by Reddit’s WallStreetBets community, Bed Bath’s shares jumped as high as $28.60 on Tuesday — the same day Freeman Capital acquired the company. out of its entire stake in ,

Curiously, on the same day, Cohen, who currently serves as Gamestop Corp. (NYSE:GME) president, and initially lit up with apps Bed Bath & Beyond fanfare, SEC. filed with He said that he intends to sell 9.45 million shares of the company from that day.

Related Links: Mindmade a new minted meme? College student who made $100M on Bed Bath and Beyond is involved in psychedelics stock

The sale of the Freeman Family Fund was timely. It closed at over $130 million after spending $25 million in initial investments, roughly $105-$110 million, or between 420%-460%.

Mindmade shares skyrocketing: Jake, who previously interned at Volaris Capital Management, invests with his uncle Scott, the company’s co-founder and former chief medical officer. Mind Medicine (Mindmed) Inc. (NASDAQ:MNMD). Shares of MindMade jumped 77.4% on Thursday from the previous day’s high after the Bed Bath & Beyond sale was disclosed.

Read more: EXCLUSIVE: Food Wholesaler Talks Crazy Chicken and Beef Prices – ‘Fresh Meat Arbitrage’

Investor focus is now on MindMade, which was originally a privately owned company Savant that Scott co-founded.

Freeman has held a 5.6% stake in the company and sent a strategic value addition plan to MindMed, underscoring the fund’s interest in working “hands-on” to cut development time for MindMed’s two core drugs and reduce its annual cash-burn rate.

Analyzing the letter, which Young Freeman confirmed to Benzinga, FCM is focusing on MindMed’s core drugs, cutting cash burn and eliminating MindMed’s at-the-money equity offering.

“I’ve been into drug development ever since I was in high school,” Scott Said in an Aug 16 interview On the YouTube channel Psychedelic Invest.

“About 13 years ago I partnered with Stephen Hurst And we established a company named Sawant. It was a private company dealing on drugs to treat addiction.”

Scott became the company’s first CMO after MindMade bought Sawant, where he had previously been CMO. He left the organization About a year after his arrival, he became the first senior member of the team to do so.

Benzinga asked the younger Freeman why Scott left the company; He said he could not explain the reason for Freeman’s departure because of a non-disclosure agreement.

“As a co-founder,” Scott said in the above interview. “I’m sitting on the sidelines and watching, and one of the reasons I want to go back is that I think there are things that I think need to be done differently.”

In a letter to MindMade, the pair called for an overhaul of the company, which includes cutting 11 of its 22 employees; Elimination of more than $21.8 million in non-core expenditures; and half of its cash burn rate over time.

It also calls for immediate development of a proposal to approach the FDA to upgrade its MM-120 drug from a phase 2 trial to a phase 3 trial, which Freeman said will take the drug in four years instead of the expected seven. can bring to market. for eight years.

The enhancement plan also calls for a 50% reduction in executive compensation.

BBBY, MNMD Price Action: Shares of Bed Bath & Beyond ended Friday’s closing price down 40.54% at $11.03. The stock fell an additional 12.15% to $9.69 during Friday’s after-hours session. Shares of MindMade fell 16.92% to $0.85 on Friday, and climbed 4.44% to $0.89 during the after-hours session.

Photo via Shutterstock.

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