Just before his 17th birthday, Freeman and its founder, Vivek Kapoor, a former Credit Suisse executive, published a paper titled "Irreducible Risks of Hedging a Bond with a Default Swap".Freeman amassed his more than 6 per cent position in Bed Bath & Beyond via Freeman Capital Management, a fund registered in the cowboy town of Sheridan, Wyoming, according to the filings.Upon disclosing his position in July, Freeman sent an uncompromising message to the retailer's board.The company, he said, was "facing an existential crisis for its survival". I was really shocked that it went up so fast.After selling the shares, Freeman went for dinner with his parents in the suburb of New York City where they live and on Wednesday he flew to Los Angeles to return to campus, he said.įreeman's initial stake cost about $25mn, which he said was mostly raised from friends and family.He has invested for years with his uncle, Dr Scott Freeman, a former pharmaceutical executive.The two recently built an activist stake in a publicly traded pharmaceutical company called Mind Medicine.Freeman also said he had interned for years at a New Jersey hedge fund, Volaris Capital. "I thought this was going to be a six-months-plus play On Tuesday, Bed Bath & Beyond surged to more than $27 a shareĪs the stock soared, Freeman sold more than $130mn worth of stock from his TD Ameritrade and Interactive Brokers accounts.Freeman's sale was well-timed.Shares in Bed Bath & Beyond tumbled more than 20 per cent on Thursday after the investor and meme-stock champion Ryan Cohen disclosed on Wednesday evening that he intended to sell his entire stake of almost 12 per cent in the company.I certainly did not expect such a vicious rally upwards," Freeman said in an interview on Wednesday. We use cookies and other data for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used.Antoine Gara and Madison Darbyshire in New York We'll send you a myFT Daily Digest email rounding up the latest Bed Bath & Beyond Inc news every morning.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.įreeman bought his stake at under $5.50 a share. University student makes 110mn trading meme stock favourite Bed Bath Beyond
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