Chewy surges after Keith Gill discloses $245m stake

(Bloomberg) — Shares of Chewy Inc. surged as much as 29% in premarket trading Monday after Keith Gill — better known online as “Roaring Kitty” — disclosed a 6.6% passive stake in the online pet food and product retailer.

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Disclosures filed with the U.S. Securities and Exchange Commission show that Gill owns about 9 million Class A shares, worth about $245 million based on Friday’s closing price. Shares of Chewy and Petco Health & Wellness Co. briefly surged last week after Gill posted a cartoon image of a dog on X.

A representative for Chewy did not immediately respond to a request for comment from Bloomberg News outside regular business hours.

Gill, who rose to fame in 2021 by uniting retail traders around GameStop Corp, returned to social media earlier this year, triggering a volatile period for GameStop and other so-called meme stocks.

Both the video game retailer and the pet food company have one thing in common – Ryan Cohen – who co-founded Chewy and is GameStop's current chief executive officer. GameStop shares fell as much as 5.7% in premarket trading on Monday following Gill's revelations.

Monday's filing lists the date of the incident as June 24 and makes a joking reference to Gill's Roaring Kitty persona. The document, submitted to the SEC's EDGAR database of corporate filings, includes a section for the reporting person to “specify whether or not you are a cat.” It is followed by two check boxes, one of which reads “I am a cat.” And the other — which is unchecked — reads “I am not a cat.”

(Updates with more details from filing)

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