In just two days, Ryan Cohen sold all of his shares in Bed Bath & Beyond.
Meme-stock champion Ryan Cohen bagged a $68 million profit
Ryan Cohen sold his entire Bed Bath & Beyond stake for $189 million, netting a $68 million profit
Earlier this year, the activist investor invested $121 million in the shares and bullish call options.
Cohen's transaction resulted in a 43% decline in the meme stock on Friday.
He outlined a number of issues and urged them to refocus, modernise, and consider a partial or whole sale of the company.
He had paid $189 million in total to cash out all of his stock and options. The stock price of Bed Bath & Beyond immediately fell as retail investors understood Cohen wasn't staying to turn the business around.
It's possible that the multibillionaire investor and his team felt that Bed Bath & Beyond was a lost cause and made the decision to profit from the meme stock's ferocious climb this month.
Cohen didn't immediately respond to a request for comment from Insider.