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Meme actions: partying like in 2021
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Fashions like cryptos are back, or Adam Neumann, from WeWork
Activist investor Ryan Cohen may dissipate, but meme stocks are back. His RC Ventures has sold its 12% of Bed Bath and Beyond, causing Thursday and Friday to plunge, after rising more than 360% this month, in part on communications revealing Cohen’s purchases of options on the action.
The tide of investment in bubble stocks has receded since the peak of 2021, but there are rebounds. Hong Kong-based AMTD Digital, for example, recovered from nothing to become more valuable than Disney before falling to a tenth of its peak, and is still worth an impressive $35 billion.
Other fashions are coming back too. Cryptos are up nearly 40% since mid-June. And after his debacle at WeWork, Adam Neumann has secured a $350 million investment from Andreessen Horowitz for his new company. While central bankers worry about a recession, others are partying like it’s 2021.
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