A 20-year-old university student has made a roughly $110mn gain by selling a stake in struggling retailer Bed Bath & Beyond, after its stock price soared during a month of frenzied trading reminiscent of last year’s meme stock boom.
Jake Freeman, an applied mathematics and economics major at the University of Southern California, acquired nearly 5mn shares in Bed Bath & Beyond in July, according to regulatory filings, after dismal earnings and the ousting of its chief executive sent its stock price plummeting.
Freeman bought his stake at under $5.50 a share. On Tuesday, Bed Bath & Beyond surged to more than $27 a share. As the stock soared, Freeman sold more than $130mn worth of stock from his TD Ameritrade and Interactive Brokers accounts.