University student makes $110mn trading meme stock favourite Bed Bath & Beyond Antoine Gara and Madison Darbyshire in New York Thu, August 18, 2022 at 11:37 AM In this article: BBBY -22.83% 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.
The real talent was getting 25MM play money in the first place. Since it was mostly not his money, I wonder, how much of it can he keep?
Not sure when he bought the stock, if he did it before July 26 with average price of 5.5, at one point he would lost about 4 millions on paper (5.5 to 4.6 on July 26). Anyway, people can stomach such paper loss must have a huge fortune to back up.
Less than one month to make 110 millions, not bad. It would make a lot of smart stock guru of trading 30 or 40 years really mad; on the other hand, not sure this kid has real talent or just a huge fortune. The kid looks smart and interned at a hedge fund. Curious question: how much he personally can get from this profit? as much of the fund is from friends and family .