Wall Street success stories come in all kinds of sizes, colors and variations, but Ryan Cohen’s story is definitely one of the more unusual ones. He’s the founder of Chewy, the well-known pet-based e-Commerce company that recently made him a billionaire.
Ryan Cohen’s net worth was estimated at $2Billion as of 2022. Cohen’s journey to acquire this wealth wasn’t an easy one, so let’s trace the path of this unique Canadian billionaire.
Ryan Cohen was the son of a Montreal Jewish family. He was born in the mid-80s. His father was an entrepreneur who ran a glassware company.
Cohen, a 25-year old, dropped out of college in 2011, but he saw the potential when he was searching pet stores for products to help his dog. He saw the potential of an online pet shop.
He first called the company Mr. Chewy, then changed it back to Chewy. Pets.com was his largest competitor initially. It raised over $80m through an IPO and then fell apart when the tech bubble burst.
Cohen had to deal with Amazon, a competitor. But, he had a particular vision of Chewy that proved to be highly successful.
He wanted to offer quality customer service and not just products. Chewy has a reputation as one of the best companies when it comes to hand-holding customers.
Chewy’s sales numbers kept doubling, going from $205 million in 2014 to $423 million, then $901 million in 2016. Many companies wanted to purchase Chewy. Cohen declined to Petco. AcceptedPetSmart offers an all cash offer of $3.35 billion
Chewy’s net worth continues to grow and it’s safe to say that Cohen has few regrets about selling the company.
He’s perfected his business formula of taking failing physical retail businesses, then breathing new life into them. Ryan’s first stop was GameStop, and his goal was to turn the company into the Amazon of the video game world.
He has succeeded in increasing GameStop’s valuation from $76 million to over $7 billion. He disclosed 12.9% of the company’s shares in December 2020, making him the largest individual investor.
Ryan had a gain in excess of $600million as of July 2021. Ryan remains optimistic that the stock will rebound despite the fact that it has fallen 50%. He has a long way ahead of him, as Gamestop lost $318 million in 2021.
Bed, Bath and Beyond
But Cohen’s path to being a billionaire hasn’t been all sunshine and dollar signs. Cohen was mentioned in the article last year. Forensics related to unusual trading activity on Bed, Bath and Beyond.
He was accused of colluding with the company’s CEO to drive up the stock price, then dump it for a massive profit. CohenThe stock gained 56% over seven months, making it $68.1million. The stock plummeted 70% from its peak, and this disappointed smaller investors.
Ryan Cohen is like many high-finance individuals, preferring to keep his private life secret. He does have a wife and son, but his wife’s identity is a well-kept secret. Cohen is most well-known for his business dealings. However there are photos of Cohen with son.