With the help of friends and family, Jake Freeman buys a block of shares in ailing retailer Bed Bath in July
It’s what millions of small investors dream of: becoming a multi-millionaire practically overnight with a single bet. It is only granted to a few. Jake Freeman is lucky to be one of them.
The 20-year-old student invested in ailing US retailer Bed Bath in July
The young investor, who is studying mathematics and economics at the University of California, buys the shares at less than $5.50 per share. That puts his stake at around $25 million. Shortly before his investment, the company presented miserable figures and the managing director lost his job. After that, it’s one after the other: This Tuesday, Bed Bath’s price climbs
Apparently he can’t believe his luck: he didn’t expect such a “malicious rally”, the newspaper quoted the young man as saying. “I thought it was going to be a six month value. I was really shocked that it went up so quickly.”
Freeman is not a stock market beginner. It is said that he not only worked as an intern at a New York hedge fund, but also has other relevant practical experience. Among other things, he has probably been investing for years with his uncle, Scott Freeman, a former pharmaceutical manager. According to FT, the two recently built an activist stake in a publicly traded pharmaceutical company called Mind Medicine.
His more than 6 percent stake in Bed Bath
Bed Bath stock
Shares in US home furnishings chain Bed Bath exploded on Tuesday
He coped well with his first really big coup, as the FT writes. After selling the shares, he went to dinner with his parents near New York City, and on Wednesday he was back in Los Angeles to return to university.
