More questions than answers at Kogan.com For the many Kogan.com bears, itâs almost at the point where itâs hard to see the bull case. Save Share Online retailer Kogan.com, was one of the sharemarketâs big winners from the first round of major COVID-19 lockdowns. In founder Ruslan Koganâs words, it made the most of a âonce-in-a-centuryâ opportunity. Just over 12 months on, the $1 billion company is now the marketâs fourth most-shorted stock. In May, it issued a profit downgrade, admitting it miscalculated demand, added unnecessary costs to help its expansion, was slugged with fees related to overstocking, and is now being forced to discount heavily.