Home Business College student trades a stock meme and earns $ 110 million in one month. Here’s how he did it

College student trades a stock meme and earns $ 110 million in one month. Here’s how he did it

by admin
College student trades a stock meme and earns $ 110 million in one month.  Here’s how he did it

The news of the maxi-profit of a 20-year-old university student who has bet on the title Bed Bath & Beyond, in the spotlight in the last month with a rally of about + 360%, is causing a sensation. Jake Freeman, a graduate in applied mathematics and economics from the University of Southern California, acquired nearly 5 million shares of Bed Bath & Beyond in July for less than $ 5.50 a share. The purchase came after the weak quarterly feedback from Bed Bath & Beyond and the ouster of its CEO.

On August 16, Bed Bath & Beyond pushed up to $ 27 per share and Jake Freeman sold his stock for over $ 130 million from his TD Ameritrade and Interactive Brokers accounts. Compared to the initial investment of less than about $ 25 million, the college student earned about $ 110 million.

“I certainly wasn’t expecting such a fierce rally to the top,” remarks the young Freeman who went to dinner with his parents in New York City to celebrate and returned to Los Angeles to the university campus on Wednesday.

Not an amateur of trading

As reported by the Financial Times, the substantial investment was possible thanks to a fundraiser between friends and family. Freeman amassed his over 6% position in Bed Bath & Beyond through Freeman Capital Management, a fund registered in the cowboy town of Sheridan, Wyoming, according to the documents. After revealing his location, Freeman sent a message to the dealer’s board of directors. The company, he said, was “facing an existential crisis for its survival.” He needed to “cut his cash-burn rate, dramatically improve his capital structure and raise money,” he added.

See also  Inflation clouds are overwhelming and hard to shake the Fed's stance. Where will US stocks go in the second half? _ Oriental Fortune Network

Jake is no stranger to the world of trading and investing. In fact, da invests 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 made a internship for years in a New Jersey hedge fund, Volaris Capital.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy