Meme Madness Still Going

Chewy drops 6.6% as Roaring Kitty buys 9 million shares.

Chewy stock dropped -6.6% on July 1st as "Roaring Kitty" acquired nine million shares-- representing 6.6% of shares.

Keith Gill, the meme stock investor who sent GameStop shares surging during the pandemic, has taken out a multimillion stake in Chewy.

Gill, who goes by the moniker "Roaring Kitty" on X and "DeepF------Value" on Reddit, bought more than 9 million shares of the online pet supply giant, according to a regulatory filing posted Monday.

Based on Chewy's share price Friday, which was $27.24, Gill's purchase means he now has a $245 million stake in the company.

Chewy's stock price surged as much as 15% Monday on news of Gill's investment.

Chewy didn't immediately respond to a request for comment Monday.

GameStop, his top holding, slid -5.5%, with unclear funding sources outside of meme traders.

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