When Hope Turns to Dust — The Rise and Fall of the Bed Bath & Beyond Faithful
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It started like so many stories of online hope — a group of small investors, united by belief, memes, and the dream that this time, the little guy could win. They weren’t hedge fund titans or Wall Street insiders; they were ordinary people — teachers, scientists, retail workers, and dreamers — all watching the same ticker symbol: BBBY.
For them, it wasn’t just a stock. It was a movement.
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The Spark of Faith
It all began when Ryan Cohen, the businessman many saw as the hero of the GameStop revolution, bought a 9.8% stake in Bed Bath & Beyond. To most analysts, it was a footnote — a rich man taking a chance on a struggling home goods retailer drowning in debt. But for thousands of retail investors, it was a signal.
Forums erupted with excitement. Subreddits formed overnight. People began interpreting every emoji Cohen tweeted as a clue — a secret message confirming their faith. Some called it destiny. Others called it madness. But for those inside, it was community.
One user wrote in a forum:
> “This isn’t just a stock — it’s a story. We’re part of something history will remember.”
And so, they bought. They held. They told friends, family, even strangers online: “Don’t miss this. Cohen has a plan.”
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The Fall of Trust
Then came the shock. In August 2022, Cohen quietly sold all his shares — making around $60 million in profit — and left.
The community shattered. Some called it betrayal, others refused to believe it. They built theories — elaborate ones — about how Cohen was still involved secretly, pulling strings behind the curtain.
They said, “He’s not gone. He’s just preparing something bigger.”
Even when Bed Bath & Beyond’s financials worsened, when layoffs hit and the CFO tragically died by suicide, the believers dug deeper into denial. One well-known community member even went to the CFO’s apartment, convinced the death was faked.
To outsiders, it looked delusional. To insiders, it was faith.
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The Teddy Theory
When all logic failed, imagination took over.
Fans began analyzing Ryan Cohen’s children’s books, the Teddy series, searching for hidden meanings. They believed the stories contained coded messages — secret blueprints for a grand corporate resurrection.
A teddy bear became a prophecy.
A bedtime story became a financial strategy.
On live streams, content creators encouraged the belief, hosting long discussions about Cohen’s next move. “He’s creating something called Teddy Inc., it’ll merge with BBBY!”
The people in the chat cheered. Hope was addictive.
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The Collapse
By April 2023, Bed Bath & Beyond filed for bankruptcy.
The stock dropped below a dollar.
Most investors lost everything.
But even then — the denial continued. A few convinced themselves it was part of a secret plan, a 4D chess move that would soon make them rich. One community figure, a neuroscientist with 60,000 shares, insisted the bankruptcy was “just a phase.”
Meanwhile, others weren’t so lucky.
Marriages strained. Savings vanished.
Some faced harassment online for questioning the narrative.
One critic, known as “Morans,” received death threats simply for saying, “It’s over.”
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The Final Act
By September 2023, Bed Bath & Beyond shares were officially extinguished — wiped from existence. But the believers still gathered for a final live event, hosted by their favorite streamer.
They celebrated, donated money, and promised each other that “Teddy” would rise soon. At one point, a speaker offered everyone a symbolic “share” in another company — a final gesture of faith in something that no longer existed.
It wasn’t about money anymore.
It was about meaning.
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What Was It Really About?
When the dust settled, all that remained were broken portfolios and broken trust.
Some said it was exploitation — that certain influencers used people’s hope to make money and fame. Others simply said it was human nature — the need to believe in something greater than ourselves, even when the facts scream otherwise.
Because at its heart, the story wasn’t just about a failed company. It was about people — people who wanted to believe they could change the game, just like the GameStop heroes before them.
And maybe, for a moment, they did.
But belief can be dangerous when it turns into denial.
As one former investor commented under a farewell post:
> “We didn’t lose to Wall Street. We lost to our own hope.”
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