Ryan Cohen

Early life

Ryan Cohen was born in 1985 in Coral Springs, Florida. He grew up in a Jewish family and attended North Broward Preparatory School. Cohen had an interest in entrepreneurship from a young age and started his first business when he was just 16 years old. He went on to attend the University of Florida but dropped out before graduating to focus on his business ventures.

He attributed his decision to follow an entrepreneurial path primarily to his father, who owned a glassware company. In December 2019, his father passed away.

Career

Ryan Cohen’s entrepreneurial spirit was evident from a young age – at just 15 years old, he started his first business by collecting fees from referrals to various e-commerce sites. In 2011, at the age of 25, Cohen founded Chewy (formerly known as MrChewy), drawing inspiration from his own experience shopping for his beloved poodle, Tylee. His father, Ted, who ran a glassware importing business, served as a mentor to Cohen, helping him navigate the world of entrepreneurship.

Despite facing initial difficulties in securing funding, Cohen persevered and approached over 100 venture capital firms before finally securing the company’s first outside investment from Volition Capital in 2013. By 2016, he had raised capital from investors such as BlackRock and T. Rowe Price New Horizons Fund, and the company had grown to become the number one online pet retailer with $900 million in sales.

In 2017, Cohen raised an impressive $350 million and was preparing for an IPO, solidifying Chewy’s position as a major player in the e-commerce industry. Cohen’s dedication and hard work have paid off, and his success serves as an inspiration to aspiring entrepreneurs everywhere.

In April 2017, PetSmart made the largest e-commerce acquisition of all time by purchasing Chewy for $3.35 billion. That year, Ryan Cohen was named one of Fortune’s “40 under 40” and was also recognized on Vox’s Recode 100 list. Despite the acquisition, Cohen continued to serve as CEO of Chewy and operated the business as an independent unit of PetSmart. Under his leadership, Chewy’s revenue grew to $3.5 billion in 2018. However, in pursuit of personal goals and spending more time with his family, Cohen stepped down as CEO.

In January 2021, Cohen made headlines again by joining the GameStop board, along with two other Chewy executives. He was also appointed chairman of a new committee tasked with overseeing a company-wide transformation. His appointment led to a stock rally, resulting in a 1,500% increase in stock price within just two weeks due to a short squeeze.

Ryan Cohen is best known for his role as the co-founder and former CEO of Chewy, an online pet retailer that was acquired by PetSmart for $3.35 billion in 2017. Cohen started the company with his friend Michael Day in 2011 and grew it into a major player in the pet industry. After the acquisition, Cohen stepped down as CEO and eventually sold most of his shares in the company.

Since joining GameStop, Cohen has been an influential figure in a series of changes, including the departure of multiple executives and ten board members. He has also been responsible for hiring several executives from Amazon and Chewy to take up key leadership roles. After the annual shareholder meeting, he officially took on the role of chairman, further cementing his impact on the company’s direction. Ryan Cohen’s continued success and commitment to driving growth and change have made him a force to be reckoned with in the world of entrepreneurship and e-commerce.

In 2020, Cohen made headlines again when he became one of the largest shareholders and board members of GameStop, a struggling video game retailer. He saw potential in the company and pushed for changes in its business model, leading to a massive surge in its stock price and making him a billionaire in the process.

Other investments:
After selling Chewy, Cohen made a substantial investment in Apple, becoming the largest individual shareholder of the tech giant with 1.55 million shares (equivalent to 6.2 million split-adjusted shares as of August 31, 2020). This investment reflects Cohen’s confidence in Apple’s future and his belief in the company’s potential for continued growth and success.

In March 2022, it was revealed that through his investment firm RC Ventures LLC, Cohen had acquired a nearly 10% stake in Bed Bath & Beyond. However, between August 15 and 18 of the same year, Cohen’s company sold all its shares, amounting to 9.45 million in total. This sale resulted in an estimated profit of $68 million.

Net Worth

As of 2023, Ryan Cohen’s net worth is estimated to be around $2 billion, primarily from his stake in GameStop.

Achievement

• Ryan Cohen’s biggest achievement is undoubtedly the success of Chewy, which he grew from a small startup into a multi-billion-dollar company. He was also named one of Forbes’ 30 under 30 in 2017 and received the Ernst & Young Entrepreneur of the Year award in Florida in 2018.
• Apart from his entrepreneurial success with Chewy and his transformative role in GameStop, Ryan Cohen has also been recognized for his philanthropic efforts. In 2018, he and his wife founded the Ryan and Stephanie Cohen Family Foundation, which supports a range of causes such as education, animal welfare, and healthcare. The foundation has donated millions of dollars to various organizations, including the Humane Society of the United States and the Boys and Girls Clubs of America.
• Cohen has also been recognized for his business acumen and leadership. In 2019, he was named Ernst & Young’s Entrepreneur of the Year in the Florida region, in recognition of his outstanding achievements with Chewy. In the same year, he was also named to Forbes’ list of America’s Richest Entrepreneurs Under 40.
• Cohen’s impressive track record of entrepreneurial success, philanthropic efforts, and business leadership make him a standout figure in the world of business and a role model for aspiring entrepreneurs.