USC student makes $110 million selling Bed Bath & Beyond meme stock
August 19, 2022
Friday, August 19, 2022 2:49PM
LOS ANGELES (KABC) -- A 20-year-old student at the University of Southern California took a gamble and it paid off big.
According to reports, Jake Freeman, a math and economics major at USC, netted more than $110 million investing in Bed Bath & Beyond.
The retailer was the latest meme stock craze, soaring more than 440% in the past few weeks.
Freeman reportedly borrowed $25 million from family and friends and invested it all in the company, and quickly quadrupled his money.
Freeman announced on Reddit that he sold all his shares but plans to always keep shopping at the retailer.
This all came at the perfect time.
Bed Bath & Beyond sank 40.5% after the high-profile activist investor Ryan Cohen confirmed that he's sold his stake in the company.
The Associated Press contributed to this report.