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Chewy’s billionaire cofounder owns $550 million in Apple stock but wants the share price to tumble

Chewy_Ryan CohenCNBC Television/YouTube

Ryan Cohen invested nearly all of his wealth in Apple and Wells Fargo, yet he wants the tech titan’s shares to fall so he can buy more stock at a lower price.
“I only wish the stock would go down,” the billionaire Chewy cofounder told MarketWatch in a recent interview.
Warren Buffett voiced a similar view in February when he said that investors “should want the stock market to go down — they should want to buy at a lower price.”
Cohen said that Apple is the “king of the jungle” and Wells Fargo’s hasn’t been permanently damaged by the coronavirus.
Visit Business Insider’s homepage for more stories.

Chewy‘s billionaire cofounder sold the online seller of pet products for about $3.4 billion in 2017, then plowed virtually all of his money into Apple and Wells Fargo.

Apple stock has more than doubled since then to hit an all-time high this month, boosting the value of Ryan Cohen’s shares to about $550 million. However, that’s the opposite of what he wants.See the rest of the story at Business Insider

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