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Why Bed Bath & Beyond Just Collapsed Today

Shares of Bed Bath & Beyond (NASDAQ: BBBY) are cratering 41.2% at 11:40 a.m. ET on Friday after it was revealed billionaire investor Ryan Cohen had sold all of his stock and options in the home goods retailer. Bed Bath & Beyond has been in the midst of a turnaround effort and Cohen seemed to want to help the retailer make a U-turn. In addition to buying a large chunk of the retailer, he also succeeded in getting three directors appointed to the board, and led the company's sale of various ancillary businesses and the ouster of its CEO.