Jake Freeman, an applied mathematics and economics major at the University of Southern California, acquired nearly 5m shares in Bed Bath & Beyond in July, after dismal earnings and the ousting of its chief executive sent its stock price plummeting. Freeman’s initial stake cost about $25m, which he said was mostly raised from friends and family.
“I certainly did not expect such a vicious rally upwards,” Freeman said in an interview on Wednesday. “I thought this was going to be a six-months-plus play . . . I was really shocked that it went up so fast.”