In a surprising turn of events, influential meme stock trader Keith Gill, also known as "Roaring Kitty," unveiled a significant stake in online pet products retailer Chewy. Gill made the disclosure in a filing with the Securities and Exchange Commission (SEC) on Monday, revealing that he purchased approximately 9 million shares of Chewy, accounting for a 6.6% stake in the company.

Following the revelation, Chewy shares experienced a rollercoaster ride in the market. Initially, the stock jumped as much as 10% during the session, but later slipped around 5% mid-morning. This demonstrates the impact of Gill's involvement on the stock's performance.

Gill's association with meme stocks is well-known, as he played a pivotal role in the frenzied trading surrounding GameStop shares three years ago. Last Thursday, Gill further stoked market speculation when he posted a picture of a cartoon dog on his X account, with a background color that matched Chewy's logo. As a result, Chewy shares surged more than 34% that day before closing slightly lower.

Meme stocks, like Chewy and GameStop, are often driven by social media sentiment rather than underlying fundamentals. Influential traders, such as Gill, can significantly influence their rise and fall due to their large buying or selling activities on platforms like X.

Interestingly, Ryan Cohen, the founder of Chewy, currently serves as the chief executive of GameStop, the embattled video game retailer that Gill fervently supported. Gill's return to social media in May sparked another wave of meme stock frenzy, fueled by screenshots of his large GameStop position on his E*Trade account. It should be noted that the authenticity of these screenshots has not been independently verified by CNN.

Last month, Gill publicly disclosed his ownership of approximately 9 million shares of GameStop and confirmed his exit from his massive options position. Bringing some humor to his recent filing, Gill humorously responded to a question about whether he was a cat, referencing his testimony before the House Financial Services Committee earlier this year, where he famously declared, "I am not a cat." This playful remark alluded to the viral incident in a virtual Texas courtroom when a lawyer accidentally appeared with a cat filter on his screen.

The market's reaction to Keith Gill's stake in Chewy highlights the power of social media and meme stocks within the investment landscape. As traders and investors grapple with the influence of online platforms on stock values, the saga of Roaring Kitty continues to captivate the attention of market participants.

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