The stock price of online pet retailer Chewy saw significant volatility after popular internet investor Keith Gill, known as “Roaring Kitty,” revealed he had purchased a significant stake in the company. Chewy shares initially surged 11% before declining 3% early Monday. Gill had hinted at the Chewy investment with a post on X featuring a dog emoji, causing the stock to rally. A recent SEC filing showed Gill had purchased shares worth $245 million, representing 6.6% of the company. Gill gained fame in 2021 for leading an online movement to buy stocks of struggling companies like GameStop and AMC, with mixed success. He now faces a class-action lawsuit alleging a “pump and dump” scheme with GameStop shares, which have declined 50% from their peak. The Massachusetts Secretary of State is also investigating the GameStop trade. Gill has not yet responded to the allegations.
Photo credit
www.nbcnews.com