Ryan Cohen is an American entrepreneur and businessman best known for co-founding and serving as the CEO of Chewy, a food-based e-commerce pet store that he founded in 2011. Michael Day co-founded Chewy, which was ultimately bought out by PetSmart for $3.35 billion in 2017, according to Celebrity Net Worth. Ryan Cohen, the current chairman of GameStop, is also an activist investor. He’s also a member of the Executives, according to Idol Net Worth. In 2021, he will have a net worth of $2.1 billion dollars. You’re probably wondering how he did it. You’re in luck, thankfully. Here’s how he went about accomplishing his goal.
The net worth of Ryan Cohen
As an American entrepreneur and businessman, Ryan Cohen has a $1 billion net worth. Ryan Cohen is best known for co-founding and serving as the CEO of Chewy, an e-commerce company acquired by PetSmart for $3.35 billion in 2017. Michael Day helped to create Chewy.
In 2011, MrChewy was established. Before receiving $15 million in funding from Volition Capital in 2013, Ryan and Michael were rejected by over 100 venture capital firms. Chewy had a $230 million fundraising year in 2016. The company had grown to become the largest online pet retailer in the same year, with revenues of $900 million. Chewy also raised $350 million in 2017.
Ryan declared in June 2020 that he will put all of his liquid assets into two companies: Apple and Wells Fargo. It’s unclear whether he carried out that plan exactly, but he declared owning a $500 million interest in Apple a month later.
Ryan Cohen got his first job when he was just a kid. He claims to have worked since the age of thirteen. He was creating websites for his family and local companies at the time. Ryan cites his father Ted, who had a glassware importing company, as his mentor, according to Tuko. Given that he grew up with an entrepreneur for a father, his success should come as no surprise. Despite his lowly beginnings, he has progressively progressed through the years to stardom. Ryan became interested in an e-commerce referral business at the age of 15, where he earned money by referring clients to online stores.
Ryan transitioned to affiliate marketing during his undergraduate years. He met his chewy business partner, Michael Day, this way. They met in an internet chat room to talk about website design and computer programming, according to Hbr, and hit it off right away. They began discussing the possibility of forming a partnership. They began by selling jewelry on the internet.
In an industry ripe for disruption, Cohen and Day decided that starting an internet jewelry store would be a brilliant idea. As a result, they dropped out of college with the intention of launching their business. They set up delivery mechanisms and established the store’s website. They also bought the inventory and stored it in a safe in the office. Cohen, on the other hand, had a realization just before their set launch that he was in the wrong line of work. He was buying for his toy poodle Tylee at a local pet store when he noticed he didn’t care much for jewelry. He did, however, care about his dog’s well-being, as do all pet parents. He decided to pursue a career in the pet market at that point.
By that time, the pet industry had grown significantly, and it had progressed from mass to premium status. They sold all of their startup jewelry and launched chewy as MrChewy in June 2011 on that basis. Cohen and Day approached a number of venture capital firms but were repeatedly rejected. Nonetheless, when they received money from Volition Capital in 2013, they finally hit gold. Chewy’s first investor was Larry Cheng, the managing partner and co-founder of Volition Capital at the time. He invested $15 million in the company. They had attempted to approach him before, but this was not the first time.
Several Companies Are Invested In
Ryan declared his plans to invest his liquid wealth in Apple and Wells Fargo in June 2020. It’s uncertain whether he actually did it. However, he announced a month later that he had purchased a $500 million Apple stock. As a result, he became the company’s single largest shareholder. He also explored putting money into GameStop, a video game retailer. In August 2020, he revealed that he had bought 9 million shares for $76 million.
So, what has Ryan Cohen gotten out of his GameStop investment?
Ryan Cohen, according to CNBC, is the most excellent winner from GameStop’s rise, having won 25 times his investment. Cohen bought a 13% share in the company for $76 million. Cohen’s 13% ownership in the company is currently valued at around $1,9 billion. Ryan Cohen is now the Chairman of the Board of GameStop and the company’s largest shareholder. Ryan Cohen’s story is incredibly motivational. Despite his poor beginnings, he became a millionaire as a result of a brilliant idea, perseverance, and a few wise investments.