SEC investigating Ryan Cohen’s Bed Bath & Beyone share sale, WSJ says

The SEC is probing billionaire Ryan Cohen’s ownership and sale of Bed Bath & Beyond (BBBY) stock at a time when so-called “meme stocks” were all the rage, the Wall Street Journal’s Dave Michaels and Lauren Thomas report. Cohen acquired a $120M stake in the company and pushed for changes to the retailer’s sales strategy, but abruptly sold his 11.8% stake in August 2022, just days after tweeting positively about the company, the authors say. The Fly notes that Ryan Cohen is the co-founder of Chewy (CHWY) and the current chairman of GameStop (GME).