LAST UPDATE: 23.25
Shares of Bed, Bath & Beyond tumbled 40.45% on Friday after billionaire investor Ryan Cohen announced he had sold his stake in the company, netting more than $55 million.
The billionaire investor announced Thursday that he has sold his 9.8 percent stake in the home products company, nearly five months after he amassed it and pushed for changes to the company’s management structure. Bed, Bath & Beyond had responded by removing the CEO and changing some board members.
According to Reuters calculations, Cohen’s profit from the sale of his stake in Bed, Bath & Beyond is between $55 million and $60 million before taxes.
Cohen did not disclose his reasons for selling his stake. The selling happened on Tuesday and Wednesday after a 300% rally in the stock in August.
Shares of Bed Bath & Beyond, which climbed as high as $30 earlier this month, closed Thursday down 20% at $18.55 and fell further today to $11.03.
Source: Capital
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