How much is Ryan Cohen worth?
|Net Worth:||$2 Billion|
|Title:||Chairperson of GameStop
|Date of Birth:||1985 or 1986|
About Ryan Cohen
In April of 2017, PetSmart paid $3.35 billion to acquire Chewy, making this transaction the largest acquisition in the history of e-commerce. In the same year, Cohen was recognized by both Fortune as one of its “40 under 40” and Vox as a member of its Recode 100 list. Following the completion of the acquisition, Cohen maintained his position as CEO and continued to run the company mostly as an autonomous division of PetSmart.
Before resigning as CEO to pursue personal endeavors and spend more time with his family, he led the company to a revenue of $3.5 billion in 2018 and oversaw its growth to that point. Chewy went public on the stock market in June 2019, with its initial valuation of $8.7 billion.
Cohen established his first business when he was 15 years old, and it consisted of collecting payments for referrals to various online shopping sites. Chewy was initially established by Cohen in 2011 under the name MrChewy. At the time, Cohen was 25 years old. Cohen claims that he initially approached more than one hundred different venture capital firms in an attempt to secure funding, but that all of them turned him down. In 2013, Cohen was successful in securing the first outside investment for the company, which was $15 million from Volition Capital.
By the year 2016, he had successfully solicited financial backing from a variety of investors, including BlackRock and T. Rowe Price New Horizons Fund. During that year, the company generated sales of $900 million and had become the most successful online retailer of pet supplies. By 2017, he had raised 350 million dollars and was getting ready to have an initial public offering.
Following the completion of the sale of Chewy, Cohen made a huge investment in Apple, which elevated him to the position of individual shareholder with the highest stake in the technology company, holding 1.55 million shares.
Cohen announced in September 2020 that he had a nearly 10% investment in GameStop, which made him the most significant individual investor in the company. In a further action taken on December 17, 2020, an amended 13D filing was submitted to the SEC, raising this figure to 12.9%.
Along with two other Chewy executives, Cohen became a member of the GameStop board of directors in January of 2021. Cohen was also given the role of chairman to lead a new committee that was given responsibility for the overall development of the organization. A stock market rally was sparked as a result of Cohen’s hiring; within two weeks, the stock had increased by 1,500%.
It was revealed in March 2022 that Cohen’s investment firm, RC Ventures LLC, has a stake in Bed Bath & Beyond that was close to 10% of the total value of the company. From the 15th to the 18th of August, his company sold all of the stock, which amounted to 9.45 million shares. It was anticipated that there would be a profit of $68 million.
On August 24, 2022, Cohen was listed as a defendant in a federal lawsuit that was filed over an alleged fraudulent scheme to artificially raise the price of Bed Bath & Beyond’s publicly traded stock. The plaintiffs claimed that they were entitled to damages in the amount of $1.2 billion.