I'm not sure what the crazier part of the story is — that a guy not old enough to drink made $110 million selling stocks, or that he just, like, casually raised $25 million to buy the sweep in the first place:
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.
On Tuesday, the stock price soared to more than $27 a share. Regulatory filings reviewed by Financial Times showed that Freeman sold more than $130 million worth of stock using his TD Ameritrade and Interactive Brokers accounts. ...
Freeman said that the initial $25 million stake that he bought in the company was made possible by raising money from friends and family.
Oh sure we can all relate — we've all gone around and hit up our friends and family for a quick $25 million in a corporate stake.
And just in case you thought this guy's chutzpah was limited to making and breaking entire trading cycles:
After buying up Bed Bath & Beyond stock last month, Freeman sent a letter to the company's board of directors, warning that the retailer was "facing an existential crisis for its survival" and that it needed to "cut its cash-burn rate, drastically improve its capital structure, and raise cash."
You can picture the board after they received that missive:
I'd listen to him if I were them though.
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