Ryan Cohen

Ryan Cohen: A Modern Maverick

Born in Montreal in 1986, Ryan Cohen is a Canadian entrepreneur, business executive, and a potent force in the world of activist investing. His journey is a testament to the power of unconventional thinking and relentless dedication, leading him to found one of the internet's most beloved pet supply companies and, later, to shake up the retail world.

Early Entrepreneurial Roots

Cohen never pursued a college degree. Instead, he drew inspiration from his father, who ran a successful glassware company, choosing an entrepreneurial path early on. In fact, his first business venture began at the tender age of 15, collecting fees by referring customers to various e-commerce sites—a clear precursor to his future in online retail.

The Birth of Chewy

In 2011, at just 25, Cohen founded Chewy, initially named MrChewy. His inspiration was deeply personal: he was often frustrated by the experience of shopping for his beloved poodle, Tylee. He saw a gap in the market for a truly customer-centric online pet supply store.

To build Chewy, Cohen merged the best of Amazon's logistical efficiency and online convenience with an unheard-of level of customer service. Imagine receiving a hand-written holiday card for your pet, or even flowers when a beloved companion passed away—that was the Chewy touch.

Initially, finding capital was a struggle; Cohen reportedly faced over 100 rejections from venture capital firms. But his perseverance paid off. In 2013, Volition Capital provided the first outside investment of $15 million, paving the way for further funding from major players like BlackRock and T. Rowe Price.

Chewy's unique approach resonated with customers, fueling explosive growth. By 2016, the company boasted $900 million in sales and had become the number one online pet retailer. This rapid ascent quickly positioned Chewy as a prime target for acquisition or an independent public offering.

The PetSmart Acquisition

In April 2017, PetSmart acquired Chewy for a staggering $3.35 billion. At the time, it was the largest e-commerce acquisition in history. The premium valuation was largely attributed to Chewy's unparalleled customer relationships and the loyalty it had cultivated.

Cohen remained CEO after the acquisition, continuing to drive Chewy's impressive growth. By 2018, revenue soared to $3.5 billion, with a remarkable 66% of sales coming from recurring shipments. He stepped down that year to pursue personal goals and spend time with his family, just before Chewy went public in 2019 at an $8.7 billion valuation.

The Activist Investor Era

Following his exit from Chewy, Cohen embarked on a new chapter: activist investing. One of his first significant moves was a substantial investment in Apple, making him the largest individual shareholder of the tech giant with millions of split-adjusted shares.

GameStop: The First Major Play

In September 2020, Cohen publicly disclosed a nearly 10% stake in GameStop, a struggling video game retailer. He later increased this to 12.9%, making him the company's biggest individual investor. Through his firm, RC Ventures, he signaled a clear intention to get more involved to "produce the best results for all shareholders."

His activism soon led to a seat on GameStop's board in January 2021, joined by two other former Chewy executives. By June 2021, Cohen was appointed chairman, tasked with leading a company-wide transformation for the embattled retailer.

Cohen's influence deepened further when he took over as Chief Executive Officer of GameStop in September 2023. In a move that underscored his commitment, he announced he would receive no salary for his roles as both CEO and chairman, focusing solely on driving the company's turnaround.

Bed Bath & Beyond: A High-Stakes Bet

Cohen also ventured into other struggling retailers. In March 2022, his investment company, RC Ventures LLC, revealed a nearly 10% stake in Bed Bath & Beyond. This investment quickly became headline news, especially during the 'meme stock' craze.

However, his involvement with Bed Bath & Beyond was short-lived. Between August 15 and 18, 2022, RC Ventures sold all of its 9.45 million shares, reportedly yielding an estimated profit of $68 million. The rapid entry and exit stirred significant market discussion.

This swift maneuver led to Cohen being named in a federal lawsuit in August 2022, alleging a fraudulent scheme to artificially inflate Bed Bath & Beyond's stock price. However, the case was ultimately dismissed in June 2024, clearing Cohen of the allegations.

Despite the market drama, Cohen continued to bolster his position in GameStop. He acquired an additional 100,000 shares in March 2022 (equivalent to 400,000 post-split shares) and another 443,842 shares in June 2023, representing a $10 million investment, demonstrating unwavering confidence in the company.

Challenging Alibaba

Cohen also acquired a substantial stake, worth hundreds of millions of dollars, in the Chinese e-commerce giant Alibaba. In August 2023, he began communicating with Alibaba's board, urging them to significantly increase their share-repurchase program. Later that year, the company responded by extending the program to March 2025 and raising the amount from $25 billion to an impressive $40 billion.

Beyond these active and high-profile investments, Cohen also holds large passive stakes in established companies like Wells Fargo and Netflix, diversifying his portfolio across different sectors.

Beyond Business: Author and Persona

In 2022, Cohen published a series of children's books titled 'Teddy,' named after his late father. He explained that his father's lessons on work ethic and delayed gratification guided him, and he wished to pass on this wisdom to his own children, preserving his father's legacy.

Cohen's distinctive influence on stocks like GameStop has earned him the moniker "Meme King." This title reflects his ability to galvanize retail investors and spark significant market movements, particularly in the realm of "meme stocks"—companies whose shares surge due to social media-driven hype and coordinated buying.

His entrepreneurial success and strategic investments have led to significant personal wealth. As of early 2025, Forbes estimated his net worth at $4.7 billion, while Maclean's placed it even higher, at $5.6 billion, solidifying his status as a major figure in global finance.

Political Views

Ryan Cohen has also been vocal about his political opinions. He supported Donald Trump in the 2024 United States presidential election and publicly promoted the conspiracy theory that the 2020 election was rigged. He has also expressed strong criticism of Diversity, Equity, and Inclusion (DEI) policies.

In early 2025, Cohen criticized countries like Canada and France, attributing business challenges in those markets to "wokeness and DEI," alongside what he described as "high taxes, Liberalism, Socialism, Progressivism."