Chewy slides after filing shows third-biggest shareholder, 'Roaring Kitty,' sold his stake

Shares of Chewy slid adjacent to 2% successful overnight trading aft a regulatory filing revealed that nan meme banal trader known arsenic Roaring Kitty had sold his liking successful nan online pet store

WASHINGTON -- Shares of Chewy slid adjacent to 2% successful overnight trading Wednesday aft a regulatory filing revealed that nan meme banal trader known arsenic Roaring Kitty had sold his liking successful nan online pet store.

A beneficial ownership filing pinch nan Securities and Exchange Commission posted Tuesday showed that Roaring Kitty, whose ineligible sanction is Keith Gill, had sold each of his shares successful Chewy, which amounted to a 6.6% stake.

Plantation, Florida-based Chewy fell 1.9% aft hours, to $26.19 per share.

Gill, an investor astatine nan halfway of nan meme banal craze, acquired much than 9 cardinal shares of Chewy successful July that made him nan company's third-biggest shareholder.

Gill made a sanction for himself successful 2021, erstwhile he rallied unit investors astir GameStop. At nan time, nan video crippled retailer was struggling to past — and large Wall Street hedge costs and awesome investors were betting against it, aliases shorting its stock. But Gill and those who agreed pinch him changed GameStop’s trajectory by buying up thousands of shares successful nan look of almost each accepted metrics that told investors that nan institution was successful superior trouble.

That began what is known arsenic a “short squeeze,” erstwhile those large investors that had stake against GameStop were forced to bargain its quickly rising banal to offset their monolithic losses.

Gill has said he has religion successful nan expertise of GameStop’s Chairman and CEO Ryan Cohen to modernize nan institution aft what he did astatine Chewy. Cohen co-founded Chewy successful 2011. He stepped down from his domiciled arsenic Chewy’s CEO successful 2018.