Really before he took on this whole other identity here, as some form of meme overlord. No, but they will not even acknowledge his existence. I like these I like these tough questions, it's good. A good question, I like to follow up in real time.
They will not even acknowledge his existence.īRIAN SOZZI: The team executives there, in various capacities. But if you talk to the folks at Chewy, they don't want anything to do with Ryan Cohen. I mean, look, a lot of people resurfacing his tweet from earlier in June, right, where he was talking about, oh, corporate greed has led to a lot of these executives trying to make a quick-īRIAN CHEUNG: Sick of seeing failed executives make- is he one of these failed executives? You tweeted- you tweeted back at him, in response to this tweet, said, how do you fix this? What has he achieved?īRIAN SOZZI: I understand that he founded Chewy, and I understand that's not going to get me any fans with his meme followers. I think he's been a complete failure.īRIAN CHEUNG: I mean, and look, we've seen a lot of people on WallStreetBets and online, and they're tired of them too. They came in with a position and they got PayPal to slash $900 million in expenses from this model.Īll Cohen has did is put a little money behind a beat up retail stock with a somewhat affordable market cap, got three of his besties on the board here, and he's just out here trading stock. Mark Tritton left.īRIAN SOZZI: Is that change? He's not- when I think of change, again, I mentioned this on the nine to eleven, I think of Elliot as a true activist investor.
He's driven zero change at any company he's been involved with.īRIAN SOZZI: What he's done at Game Stop?īRIAN CHEUNG: The old CEO left. And I'll add this too I'm tired of everybody calling him an activist investor. Then he comes out, what, yesterday after the close, saying he's dumping his 11.8% stake?īRIAN SOZZI: Yeah, so I mean, how much trust can you have in Ryan Cohen. I mean, you had this filing come out on Monday saying he had out of the money call options, betting for the stock to go over $60 a share. What the heck happened at Bed Bath & Beyond?īRIAN SOZZI: Well, think you just saw a lot of greed out there, and you saw just the meme overlord in Ryan Cohen essentially, I think, play a lot of investors, a lot of his meme crowd and followers, for an absolute fool. Let's bring in Yahoo Finance's Brian Sozzi here on set.īRIAN SOZZI: What's up, brother? Thanks for having me on.īRIAN CHEUNG: OK, let's take a zoom out. You can see a lot of volatility here, especially what- in Bed Bath & Beyond, down 38%. Video TranscriptīRIAN CHEUNG: Well, it's been a busy week of retail earnings with meme stocks throwing a major curve ball to the markets. Yahoo Finance Live’s Brian Cheung and Brian Sozzi discuss why retail traders are angry at activist investor Ryan Cohen for selling his remaining stake in BBBY stock.
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