Ryan Cohen is an American businessman who is most famous for founding the e-commerce pet store, Chewy in 2011. Years later, he sold the company for over $3 billion, raking in a huge paycheck. This made Ryan Cohen’s net worth shoot higher. Currently, his interests are in GameStop (a retail gaming company), among other investments.
Ryan Cohen began his career from a humble beginning and has risen steadily over the years to greatness. His experience shopping for his poodle Tylee was his inspiration for picking the pet category, while his father was his mentor.
What is Ryan Cohen’s net worth?
According to Celebrity Net Worth, Cohen’s worth is estimated to be $1 billion. Much of the wealth is from the money he got after selling Chewy in 2017. However, since then, he has made several other investments, which has paid well.
How did Ryan Cohen make his money? Growing up with an entrepreneur as a father, Cohen learnt about business from a young age. It is thus not surprising that he started his first venture at the age of 15, making money by referring customers to e-commerce sites.
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Cohen’s e-commerce referral venture was quite successful and earning him a lot of money by the time he was in college. Then, looking to expand further, he developed an interest in affiliate sites, which is how he met Michael Day, his Chewy business partner.
Cohen and Day dropped out of college, looking to venture into the e-commerce world. Their first venture together was an online jewellery store, in which they sank in $150,000. However, they were intimidated by the ins and outs of the jewellery business after visiting a trade show in Miami. A few days later, Cohen got the idea of Chewy when buying food for his pet poodle.
Cohen and Day sold their jewellery start-up and – after scrapping together more savings – launched Chewy. The start-up first years were challenging, as both partners managed the business – answering calls themselves and without a salary. However, the company also expanded rapidly, leading them to need more cash. As a result, they approached venture capital firms.
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However, most VC firms turned them away. Some companies even turned him away at the reception desk. However, they struck gold when Larry Cheng from Volition Capital believed in them. He became the company’s first investor, injecting in $15 million. Chewy raised over $200 million more in funding, marking the start of the company’s rise.
As Chewy grew and expanded, it started attracting businesses looking to merge or buy them out. In 2017, competitor PetSmart approached Cohen and his partners for a purchase deal. They agreed on a price of $3.35 billion, making the acquisition one of the largest in the e-commerce industry.
How much did Ryan Cohen make selling Chewy? Details on Cohen’s share of Chewy before the acquisition deal are scarce. However, he was a majority shareholder as a co-founder. However, he also had several other investors who had injected cash into the company.
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Investing in GameStop
After selling Chewy, Cohen was looking to invest some of the liquid cash he had earned from the deal. One of the investments he considered was GameStop (GME), a retail gaming company. How much did Ryan Cohen invest in GME? In 2020, he invested $76 million in the company, purchasing several shares at an average price of $8.43.
In the year 2021, GameStop share price started surging following a Reddit investors’ campaign. While the stock price has remained volatile, it has risen considerably from the $8 fee that Cohen paid, which has led to a significant return on his investment.
So, how much of GameStop does Ryan Cohen own? He purchased 9 million shares of the company, which translates to about a 12.9% stake. Aside from GameStop, Cohen has invested in several other companies. Some of Ryan Cohen’s stock holdings include:
- Apple – He reportedly invested $500 million in the tech giant after cashing out of Chewy.
- Wells Fargo – He expressed an interest in the company but has yet to reveal whether he invested.
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Ryan Cohen houses
Where does Ryan Cohen live? The Chewy co-founder and his family live in a luxurious waterfront mansion in Bal Harbour, Florida. The house was at the centre of a controversy after a real estate company sued a broker, alleging they were cut out of the deal after Cohen purchased it.
Ryan Cohen’s story is an inspiring one. From a young age, he had a passion for business and followed it. Despite dropping out of college, he started a venture based on the love of his pet. Today, Ryan cohen’s net worth is enough proof that he is one of the most successful entrepreneurs, with his current investment at GameStop having paid off handsomely.
Tuko.co.ke recently published a piece about Lupita Nyong’o net worth. The Kenyan-born actress has an estimated net worth of $10 million as of 2020. Her primary sources of income are acting, movie and music directing, investments, and brand endorsements.
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She reportedly owns a house worth $2.89 million in Pacific Park, Brooklyn in the United States. Lupita also owns a fleet of cars. Some of the cars you are likely to find in her garage include the Jeep wrangler, McLaren 650S Spider, Volkswagen Crossblue SUV, and Porsche 911 Gt3.
View more information: https://www.tuko.co.ke/419484-ryan-cohens-net-worth-chewy-gamestop-house-investments.html