Born between 1985 and 1986 in Montreal, Canada, Ryan Cohen has emerged as a noteworthy entrepreneur, prominently recognized as the co-founder and former CEO of Chewy, an e-commerce platform for pet products. Chewy’s acquisition by PetSmart in 2017 for $3.35 billion put Cohen in the limelight. His story is one of determination, showcasing how he transformed his love for computers into successful business ventures.
How Did Ryan Cohen Begin His Career?
Cohen’s entrepreneurial spirit was evident at an early age. At 15, he ventured into the digital world by collecting fees from referrals to e-commerce websites. A decade later, an experience while shopping for his poodle led to the founding of Chewy. Facing initial setbacks, Cohen’s relentless pursuit saw Chewy securing significant investments, touching a staggering $900 million in sales by 2016. By 2017, Chewy was ripe for acquisition, and PetSmart’s record-breaking buyout of the platform became a testament to Cohen’s vision and drive.
What Investments Has Ryan Cohen Made?
Cohen’s financial acumen extends beyond his entrepreneurial endeavors. Following Chewy’s sale, he made significant investments in Apple, amassing 1.55 million stakes and emerging as the company’s top individual shareholder. GameStop soon drew his attention, and by December 2020, he owned 12.9% of the company. A year later, Ryan’s investment firm, RC Ventures, had a substantial stake in Bed Bath & Beyond. Though the firm liquidated these shares within a week, it yielded an impressive $68 million gain.
Are There Any Controversies Surrounding Ryan Cohen?
Like many influential figures, Cohen hasn’t been without controversy. August 24, 2022, saw him facing a lawsuit related to Bed Bath & Beyond. The litigation alleges Cohen’s involvement in a scheme to manipulate the company’s stock prices. Collaborating with the company’s CFO, Cohen is accused of releasing deceptive financial reports. The ongoing class-action suit seeks $1.2 billion in damages.
What Role Does Ryan Cohen Play at GameStop?
Cohen’s association with GameStop has been transformative for the company. Joining its board in January 2021, he immediately initiated significant changes. The formation of a committee aimed at the company’s overhaul saw a massive surge in its stock value due to a short squeeze. Cohen’s influence was further solidified as he ushered in a new era at GameStop, recruiting leaders from giants like Amazon and his brainchild, Chewy.
Who is in Ryan Cohen’s Personal Life?
While Ryan Cohen’s professional life is well-documented, he remains reticent about his personal life. Although he occasionally shares glimpses of his wife and children on social platforms, he refrains from divulging details about their names, their educational backgrounds, or the specifics of his marital journey.
Ryan Cohen’s trajectory from a self-taught coder to the helm of some significant companies like GameStop and Chewy underscores the power of perseverance, vision, and adaptability in the world of business. As the digital age continues to evolve, it’s entrepreneurs like Cohen who will shape its landscape.