RIGHT BEFORE LABOR DAY weekend, Gustavo Arnal, the chief financial officer of Bed Bath & Beyond, jumped to his death from the "Jenga Building," Tribeca's tallest skyscraper. Arnal reportedly did not leave a note, but his plunge came a day after he closed a $500 million deal to shore up the ailing retailer. Bed Bath & Beyond, teetering on the brink of bankruptcy, had announced just days before that it would cut 20 percent of its staff and close 150 stores. There was one other wrinkle to the mystery of Arnal's death: a perfectly timed $1.4 million stock sale at the peak of a surge in Bed Bath & Beyond's stock in August, a frenzy initiated by a 37-year-old Florida man named Ryan Cohen-which had instigated a class-action lawsuit alleging that Arnal and Cohen had conspired to pump and dump shares of the company.
They made an odd couple. Arnal was a Fortune 500 veteran who had spent most of his career at the multinational Procter & Gamble; colleagues reportedly remembered him as a straitlaced professional and workaholic. Cohen, by contrast, has emerged in recent years as Wall Street’s meme-stock king, posting and trolling his way—one poop emoji at a time—to becoming the Reddit version of a populist hero. It’s not clear what relationship Arnal and Cohen had, if any (there is reportedly no record of private communications between them), but it was hard to dismiss as mere coincidence the fact that both men had profited from Cohen’s stockfluencer brand of yolo investing.
The tragic consequences of Bed Bath & Beyond’s whiplashing fortunes have cast an even darker cloud over Cohen’s reputation. But in all likelihood the meme-stock phenomenon is here to stay—even if Cohen and his ilk are profiting off the backs of the “apes” who support them.
Denne historien er fra September 12 - 26, 2022-utgaven av New York magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 12 - 26, 2022-utgaven av New York magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
A Wonk in Full- Ezra Klein, glowed-up and post-coup, was almost a celebrity at the convention.
Ezra Klein, glowed-up and post-coup, was almost a celebrity at the convention. Ezra Klein, who is known to keep his passions in check, did not have the right credentials to get into the arena. The Secret Service didn't recognize the New York Times' star "Opinion" writer and podcaster, but eventually he was able to figure out how to get in to where he belonged. This was, after all, as much his convention as any journalist's, since its high-energy optimism turned on the fact that President Joe Biden was no longer leading the ticket and, starting early this year, Klein had led the coup drumbeat.
The Afterlife of Donald Trump - The presidential hopeful contemplates his campaign, his formidable new opponent, and the miracle of his continued existence.
Donald Trump raised his right hand and grabbed hold of it. He bent it backward and forward. I asked if I could take a closer look. These days, the former president and current triple threat-convicted felon, Republican presidential nominee, and recent survivor of an assassination attempt-comes from a place of yes. He waved me over to where he sat on this August afternoon, in a low-to-the-ground chair upholstered in cream brocade fabric in the grand living room at Mar-a-Lago.
Danzy Senna Can't Stop Thinking in Black and White
Her latest novel holds diminishing returns.
Live, Laugh, Love
Dick jokes meet sentimentality in a wily Sandler-Safdie collab.
Tim Burton Is Great Again
A long-awaited sequel revels in gore and nostalgia.
In the Shack With Robert Caro
The Power Broker is turning 50. The final LBJ book is almostwell, he won't say exactly, but he's trying for 900 words a day.
24 Comedians You Should Know RIGHT NOW
THE COMEDY industry is undergoing a metamorphosis in 2024. Name-brand venues like the Second City and UCB are opening or reopening in New York, beloved local spots are being bought out by megacorporations, and streaming-service-helmed comedy festivals are usurping the old-fashioned ones. Post-WGA strike, TV-development execs are growing green-light-shy, Hulu is entering the stand-up fray, and YouTube specials are becoming just as worthy of watching as Netflix specials, if not more so.
Leading Lady
Anna Sawai could take home the Emmy for her performance in Shogun. But she's keeping her cool.
RESTAURANT REVIEW: Le Même Veau
The Frenchette crew has taken over the 87-year-old restaurant, and the snails are as garlicky and the duck as pink as ever.
DESIGN HUNTING: A LOFT WITH A HIGHER PURPOSE
Ali Richmond, co-founder of the nonprofit Fashion for All Foundation, has lived in this Brooklyn loft for almost 20 years with his archive of designer clothing.