What is Ryan Cohen's net worth?
Ryan Cohen is an American entrepreneur and businessman who has a net worth of $1 billion. Ryan Cohen earned his first major fortune as the co-founder and former CEO of Chewy, an e-commerce company that was acquired by PetSmart for $3.35 billion in 2017. The company was founded as MrChewy in 2011. Ryan and Michael were rejected by over 100 venture capital firms before finally landing $15 million in funding in 2013 from Volition Capital. In 2016 Chewy raised $230 million. That same year the company generated $900 million in sales and had become the top online pet retailer. In 2017 Chewy raised an additional $350 million. When it was purchased by PetSmart it was the largest e-commerce acquisition in history. Ryan remained on as the CEO before stepping down in 2018. It went public in June 2019 and soared 71% in the first day. It was priced at $22 and opened at $36 before closing at $34.99 with a market cap of $8.7 billion.
Ryan became famous thanks to his incredible investment luck/strategy with GameStop. In August 2020 Ryan disclosed that he had purchased 9 million shares of video game retailer GameStop for a total of $76 million. That implied an average price per share of $8 and constituted 10% of the company's outstanding shares. In January 2021 there was an infamous run on GameStop shares that sent the price soaring. At one point the price per share hit $480. At that level Ryan's 9 million shares were worth $4.3 billion.
Early Life
Ryan Cohen was born in 1985 in New York and grew up in Florida. As a child, he was interested in computers and technology and taught himself how to code. He dropped out of high school at the age of 16 to start an online advertising company, but the venture failed. He later attended the University of Miami but dropped out before graduating.
Chewy
In 2011, Cohen co-founded Chewy.com, an online retailer of pet products, with Michael Day. The company quickly grew in popularity and became known for its exceptional customer service, fast shipping, and wide selection of products. Cohen and his team focused on creating a seamless e-commerce experience for pet owners, which included personalized recommendations, easy ordering, and 24/7 customer support. Chewy went public in 2019 and was acquired by PetSmart for $3.35 billion.
Chewy CEO Ryan Cohen (user submitted photo)
PetSmart Acquisition
In 2017, PetSmart acquired Chewy for $3.35 billion in what was then the largest e-commerce acquisition in history. Cohen remained involved with the company following the acquisition, serving as a member of the board of directors. However, he stepped down from his position in 2018 and sold most of his shares in the company.
GameStop
In 2020, Cohen began buying shares of GameStop, a struggling video game retailer, and became an activist investor in the company. He saw an opportunity to disrupt the traditional retail model and transform GameStop into a digital-first retailer. His involvement in the company and his efforts to shake up the board of directors attracted the attention of the media and the investment community. In early 2021, a group of individual investors, including many from the subreddit r/WallStreetBets, began buying large numbers of GameStop shares, causing the stock price to skyrocket.
Today Ryan owns around 12% of GameStop's outstanding shares. At various times recently, those shares have been worth $500 to $800 million.
Bed Bath & Beyond
In 2020, Cohen also purchased a 10% stake in Bed Bath & Beyond, another struggling retailer, and became an activist investor in the company. He saw an opportunity to turn around the company by focusing on e-commerce and modernizing the shopping experience. Cohen was appointed to the board of directors in 2021. In August 2022, Ryan sold his entire stake in Bed Bath, roughly 9.45 million shares, for a $70 million profit.
