Roaring Kitty sells stake in Chewy

Core Viewpoint - Keith Gill, known as "Roaring Kitty," has divested his entire stake in Chewy after initially acquiring a 6.6% ownership, which raised concerns about stock volatility among existing shareholders [1][2]. Group 1: Investment Details - In July, Gill purchased over 9 million shares of Chewy, valued at more than $230 million at that time [2]. - Chewy's stock price was $26.54 per share as of mid-morning Wednesday, reflecting a year-to-date increase of 18.47% [1]. Group 2: Market Impact and Concerns - Gill's investment raised concerns among Chewy's management regarding potential volatility affecting institutional investors, as his following could lead to increased trading activity [3]. - The connection between Gill's investments in Chewy and GameStop is noted, as Ryan Cohen, the founder of Chewy, is also the CEO of GameStop [2]. Group 3: Background on Keith Gill - Gill gained fame through social media, particularly for his cat memes and YouTube streams, which significantly influenced GameStop's stock price in 2021 [3][4]. - His actions have led to a cult-like following among retail investors, impacting market dynamics [4].