Keith Gill, also known as “Roaring Kitty,” revealed that he had purchased a significant stake in online pet retailer Chewy, causing the stock to rise over 11% in early Monday trading. This move came after Gill had hinted at his investment in Chewy with a post featuring a dog emoji on X last week. He purchased shares worth $245 million, representing about 6.6% of the entire company at Friday’s closing price.
Gill became popular in 2021 as the face of an online movement to buy stocks of traditional companies like GameStop, AMC, and Bed Bath and Beyond with the goal of turning these businesses around. Despite some success, his trading activities have also faced scrutiny, with a new class-action lawsuit alleging that his trading in GameStop shares was a “pump and dump” scheme. The lawsuit claims that Gill artificially inflated the stock price by not disclosing his position, then sold for a profit.
The price of GameStop shares remains higher than before Gill’s involvement, but has since dropped about 50%. Gill is also under investigation by the secretary of state of Massachusetts, where he resides. Gill has not responded to requests for comments regarding the lawsuit or investigation.
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