A 20-year-old college student made $110 million after he sold shares in struggling retailer Bed Bath & Beyond.A 20-year-old college student make $110 million by selling his stake in retailer Bed Bath & Beyond after the company’s stock price surged over a one-month period this summer — an echo of last year’s “meme stock” boom.
Jake Freeman, who is studying applied mathematics and economics at the University of Southern California, bought 5 million shares in Bed Bath & Beyond in July at just under $5.50 a share. He owned around 6% of the company as a result of his investment.reviewed by Financial Times showed that Freeman sold more than $130 million worth of stock using his TD Ameritrade and Interactive Brokers accounts.
“I certainly did not expect such a vicious rally upwards,” Freeman told FT. “I thought this was going to be a six-months-plus play…I was really shocked that it went up so fast.” Freeman said that the initial $25 million stake that he bought in the company was made possible by raising money from friends and family.Freeman told FT that he has been investing alongside his uncle. Dr. Scott Freeman, who is a former pharmaceutical executive.When he was 16 years old, Freeman co-wrote a paper alongside Volaris founder Vivek Kapoor, a former Credit Suisse executive, titled “Irreducible Risks of Hedging a Bond with a Default Swap.
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