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It’s been nonstop bad news for billionaire Ron Perelman: the revoked naming rights at Princeton, the “fire sale” of his holdings, and then this summer’s bankruptcy filing at his marquee asset Revlon, the makeup giant run by his daughter.
But now the mogul may have caught a lucky break.
A horde of frenzied retail investors has piled into Revlon over the last two months, turning it into a “meme stock”—a viral stock with a rabid online following whose value seems to defy conventional financial metrics. That has catapulted Revlon’s share price from a low of $1.08 to more than $6.00, even after the volatile stock dropped 12 percent on Wednesday.