Major Investor Sells Off Half a Billion Dollars in Chewy Stock

Group 1 - A firm affiliated with Chewy's largest shareholder is conducting a public offering of stock valued at $500 million [1][2] - The underwriters of the offering have a 30-day option to acquire an additional $75 million in stock [2] - Chewy will concurrently buy back $50 million worth of shares from the affiliated firm, which will be cancelled and retired after the purchase [3] Group 2 - The $50 million share buyback is separate from Chewy's existing $500 million share repurchase program initiated in May [3] - Chewy's stock initially declined but later increased, showing a nearly 40% rise in value this year [4] - The stock price has been influenced by social media activity and a brief investment by a notable meme stock investor [4]