\u201c"We're in the Wild West," says @jimcramer on meme-stock trading $BBBY. "The SEC absolutely should worry about it. The meme-sters are front and center. They should not do reports, they should make inquiries. I don't have subpoena power, if I did I would use it right now."\u201d
“I certainly did not expect such a vicious rally upwards,” Freeman told the Financial Times. “I thought this was going to be a six-months-plus play … I was really shocked that it went up so fast.”
Freeman, a student at University of Southern California, was able to afford the initial $25 million thanks to friends and family. His uncle is Scott Freeman, a former pharmaceuticals executive.
\u201cIf you\u2019re wondering how a 20-year-old college kid turned $25 million into $110 million betting on Bed Bath & Beyond, it\u2019s that he came from a wealthy family.\u201d
— Douglas A. Boneparth (@Douglas A. Boneparth)
When Freeman acquired BBBY in July, he wrote a letter to the board of directors saying Bed, Bath & Beyond was “facing an existential crisis for its survival" and suggested they “cut its cash-burn rate, drastically improve its capital structure, and raise cash" according to an SEC filing.