Are you keeping up with the latest in finance news? If not, you’re missing out on the exciting developments in the stock market, particularly with meme stock trader Keith Gill, also known as Roaring Kitty. In a recent Securities and Exchange Commission filing, it was revealed that Roaring Kitty took a stake in the pet food e-commerce retailer Chewy, causing a stir among traders.
Roaring Kitty purchased over 9 million shares of Chewy, making him the third-largest shareholder in the company. This move has raised eyebrows and generated buzz in the financial community. With a stake valued at more than $245 million, Roaring Kitty’s investment has the potential to shake up the stock market.
But the drama doesn’t stop there. Last week, Chewy shares experienced a rollercoaster ride after Gill posted a picture on social media platform X that depicted a dog resembling Chewy’s logo. The stock surged by as much as 34% before closing slightly lower, leaving investors on edge.
What’s even more intriguing is the connection between GameStop and Chewy. GameStop CEO Ryan Cohen, who was the founder and first CEO of Chewy, has played a pivotal role in both companies. Cohen’s involvement in PetSmart’s acquisition of Chewy and its subsequent IPO has made him a key figure in the retail industry.
Moreover, Gill’s advocacy for GameStop has been well-documented. After disclosing a stake of 9.001 million GameStop shares, Gill has been a driving force behind the stock’s resurgence. However, his recent actions have triggered a new class-action lawsuit alleging securities fraud, putting his reputation on the line.
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