The newest meme stock on Wall Street, Bed Bath & Beyond, is tumbling even further in after-hours trading Thursday after a high-profile activist investor confirmed that's he's bailed out of the stock.
Ryan Cohen, the co-founder of Chewy who helped ignite a couple of meme stocks to jaw-dropping heights, confirmed in a filing with U.S. regulators that he no longer owns any shares or options related to Bed Bath & Beyond's stock. The move disappointed hordes of smaller-pocketed and novice investors, who had piled into the stock amid hopes Cohen could turn around the company's struggling finances, or at least send its stock on a moonshot like GameStop's early last year.
