The past few weeks the apes over at WSB and other meme stock related subs have been trying to squeeze BBBY (Bed, Bath & Beyond), due to a few reasons. First the stock was heavily shorted, even at near all time lows, next the cheap price meant it didn't cost much to buy a few dozen shares or so, perfect for the 17 year olds on Reddit stealing their mothers credit card info, and last but probably the biggest reason, Ryan Cohen had disclosed a purchase of 7.78 million shares and a shit ton of call options with far out the money strikes (around 80$ iirc).
This mattered greatly to apes because as we know Ryan Cohen is the current CEO of GameStop, and the God King of the cult of GME. If you don't know about the absolute batshit insanity based around GME just take a look at (https://old.reddit.com/r/gme_meltdown/top/?t=all), in short Gamestop was another heavily shorted stock that got squeezed two years ago causing a global sensation, but while some made life changing profit on the run up, others "held the line" and "hodled" until red. These bagholders then spun some grand world spanning conspiracy centered on evil hedge funds conspiring to keep the dying brick and mortar funko pop stores stock down to prevent the "real" short squeeze from happening.
Anyways the BBBY squeeze was looking good for the apes. The stock had run from around 5$ to over 25$ in just about two weeks, the apes celebrated their win over the evil hedgies with many memes and shitposts such as (https://old.reddit.com/r/wallstreetbets/comments/wrooep/weve_already_won/) or (https://old.reddit.com/r/wallstreetbets/comments/wqo5lt/i_should_have_bought_more_gme_at_30/)
Many of these posts no doubt hit /r/all, giving BBBY exposure to more potential bagholders ready to FOMO in at all time high prices, such as (https://old.reddit.com/r/wallstreetbets/comments/wpxvov/bbby_2m_5m_update_not_for_sale/) or (https://old.reddit.com/r/wallstreetbets/comments/wrimfz/my_girlfriend_left_me_because_i_bought_bbby/)
Everything was going great for the r-slurs, the stock was rising rapidly and showed no signs of letting up....until it wasn't. Wednesday afternoon, following another 20%+ gain for BBBY the unthinkable happened, it started to tank in the after-market. This was due to Ryan Cohen filing a form 144, this is a form the SEC requires of executive officers, directors, or affiliates of a company when placing an order to sell more than 5,000 shares of a company. The apes reacted with denial, after all this form did not mean Cohen HAD to sell, or even that he wanted too, this could just be another of his 5000 IQ chess moves against the hedgies (https://old.reddit.com/r/wallstreetbets/comments/wqyw41/psa_form_144_requires_that_there_is_a_minimum/) / (https://old.reddit.com/r/wallstreetbets/comments/wqzdz0/ryan_cohen_did_not_sell_shares_he_filed_a_form/).
This was obviously just more FUD (fear, uncertainty, and doubt) being spread by the elites (https://old.reddit.com/r/wallstreetbets/comments/wqytfl/do_not_fall_for_fake_news_rc_did_not_sell/)
The price fell for most of the day today, at a steady pace, but nothing too crazy, that is until Dear Leader Ryan Cohen filed another form, this time confirming the selling of his entire stake in BBBY (https://old.reddit.com/r/wallstreetbets/comments/wrtqyw/ryan_cohen_sells_entire_bbby_stake_on_16th_and/)
The stock has now fallen almost 50% in one day and is still drilling in the aftermarket. Reactions have ranged from
And of course conspiracies (https://old.reddit.com/r/BBBY/comments/wru9r4/hold_up_ryan_sold_yesterday_this_morning_bbby/)
As for me I bought some puts when the stock was hovering around 10 dollars two weeks ago thinking this kind of thing may happen, unfortunately I got the timing and the strike all wrong and will be lucky if I can make even half back by expiration tomorrow assuming it keeps falling, but still watching Reddit r-slurs lose money with me does take the sting out a little.