What is Ryan Cohen's Net Worth?
Ryan Cohen, an American entrepreneur, has a net worth of $1 billion. He initially amassed wealth as the co-founder and former CEO of Chewy, an e-commerce company acquired by PetSmart for $3.35 billion in 2017. Initially launched as MrChewy in 2011, the company faced significant challenges, with over 100 venture capital rejections before securing $15 million from Volition Capital in 2013. By 2016, Chewy raised $230 million and generated $900 million in sales, becoming the top online pet retailer. In 2017, another $350 million was raised. When PetSmart acquired Chewy, it marked the largest e-commerce acquisition in history. The company went public in June 2019, soaring 71% on its first day. It was priced at $22 per share and closed at $34.99, giving it a market cap of $8.7 billion.
Ryan gained further recognition through his strategic investments in GameStop. In August 2020, he disclosed purchasing 9 million shares of GameStop for $76 million, with an average price per share of $8. This accounted for 10% of the company's outstanding shares. By January 2021, GameStop shares reached $480 each, making Ryan's 9 million shares worth an astounding $4.3 billion.
Early Life
Born in 1985 in New York and raised in Florida, Ryan Cohen showed an early interest in computers and technology, teaching himself to code. He dropped out of high school at 16 to start an online advertising company, though the venture failed. He later attended the University of Miami but left before graduating.
Chewy
In 2011, Cohen co-founded Chewy.com with Michael Day. Known for exceptional customer service, fast shipping, and a wide product selection, Chewy quickly gained popularity. The team focused on seamless e-commerce for pet owners, featuring personalized recommendations, easy ordering, and 24/7 customer support. Chewy went public in 2019 and was subsequently acquired by PetSmart for $3.35 billion.
Chewy CEO Ryan Cohen (user submitted photo)
PetSmart Acquisition
PetSmart's 2017 acquisition of Chewy for $3.35 billion was historic. Cohen continued to work with the company, joining the board of directors, but stepped down in 2018, selling most of his shares.
GameStop
In 2020, Ryan began investing in GameStop and became an activist investor. Aiming to transform the traditional retailer into a digital-first company, his moves attracted media and investment community attention. In early 2021, individual investors from the subreddit r/WallStreetBets began buying large quantities of GameStop shares, skyrocketing the stock price.
Ryan currently holds around 12% of GameStop's outstanding shares, with values fluctuating between $500 to $800 million.
Bed Bath & Beyond
In 2020, Cohen purchased a 10% stake in Bed Bath & Beyond, becoming an activist investor. He aimed to revamp the company by focusing on e-commerce and modernizing the shopping experience. Cohen was appointed to the board in 2021. By August 2022, he sold his entire stake, roughly 9.45 million shares, profiting $70 million.
