FT News Briefing The student who rode Bed Bath & Beyond to the moon
Aug 23, 2022
A 20-year-old college student made waves by earning $110 million trading meme stocks, specifically Bed Bath & Beyond. Investors are worried about the sustainability of a recent market rally amid rising interest rates and inflation fears. Meanwhile, Ben & Jerry's faced legal challenges over sales in Israel. The podcast delves into the dynamics of hedge funds and options expiration, while also exploring the emotional ups and downs that accompany financial success.
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Market Skepticism
- The S&P 500's 2% drop, the biggest in two months, worries investors about interest rate hikes.
- Despite a summer rally fueled by short covering, skepticism persists about market drivers.
Ben & Jerry's Legal Loss
- Ben & Jerry's lost its legal battle against Unilever over West Bank sales.
- A judge denied an injunction, stating the West Bank products would differ enough to protect the brand's reputation.
College Student's $110M Win
- 20-year-old Jake Freeman made $110 million betting on Bed Bath & Beyond stock.
- Freeman wasn't your average college kid; he'd been in finance since he was a teen and had his own fund.