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>>GameStop executive Roaring Kitty has acquired a 6.6% stake in Chewy Inc., according to a recent SEC filing.

GameStop executive Roaring Kitty has acquired a 6.6% stake in Chewy Inc., according to a recent SEC filing.

crypthub

1/24/2025, 11:46:25 AM

Keith Gill's Investment in Chewy

Meme trader Keith Gill, famous for his role in the GameStop trading frenzy, has disclosed his 6.6% stake in Chewy, as revealed in a SEC filing. The document shows he owns 9,001,000 shares of Chewy's Class A common stock, worth approximately $245.18 million based on Friday's closing price. This announcement triggered a significant surge in Chewy's shares during premarket trading on Monday, rising over 11%.

SEC Filing and Unusual Question

The SEC filing included an intriguing section asking investors to identify if they are a cat, with "x" as the response for Gill, who has previously made this clarification during congressional hearings related to GameStop. This peculiar question drew attention but did not deter the positive momentum in Chewy's stock price.

Impact on Meme Stocks

Gill's investment announcement had mixed effects on meme stocks. While it excited some, leading to a surge in Chewy's shares, other stocks like GameStop (GME) and AMC Entertainment (AMC) experienced declines during premarket trading on Monday. This contrast highlights the unpredictable nature of meme stock markets.

Legal Troubles for Keith Gill

Gill is currently facing a class-action lawsuit concerning his social media activities. Filed in June, the lawsuit accuses him of engaging in a "pump and dump" scheme, referring to a practice where stocks are artificially inflated through online promotion before being sold for profit.

Recent Activity and 2021 GameStop Squeeze

Last week, Gill's post on Reddit about a $116 million bet on GameStop sparked a significant premarket surge in the stock. This event reignited speculation about his return to online investment sharing. In 2021, as "Roaring Kitty," Gill played a pivotal role in the GameStop short squeeze by advocating for the retailer's undervalued status on Reddit, leading to an unprecedented 1600% stock price increase.