Meme stock hero withdraws from Chewy investment: Keith "Roaring Kitty" Gill's strategy in focus

The well-known meme stock trader and influencer Keith Gill, better known on social media as "Roaring Kitty," has completely withdrawn from his investment in Chewy, after acquiring a 6.6% stake in the company over the summer. This is according to a recent document filed with the Securities and Exchange Commission. On Tuesday, Chewy shares were volatile before slightly declining to $26.54 per share on Wednesday morning. Nevertheless, they still boast an impressive year-to-date increase of 18.47%. Originally, Gill had acquired over 9 million shares of the online pet retailer in July, valued at over $230 million at the time. This involvement with Chewy was Gill's first known investment outside of GameStop, highlighting an interesting connection. Ryan Cohen, billionaire and founder of Chewy, who sold the company in 2017, is now CEO of GameStop, a company whose shares established Gill's reputation. Gill had previously praised Cohen on social media. Formerly an office worker, Gill rose to fame through his cat-themed memes and lively YouTube streams. Wearing a bright red pirate bandana, he encouraged others to mimic his GameStop bets, putting pressure on hedge funds betting against the stock. His recent investment in Chewy was not without controversy: executives expressed concerns in July about potential deterrents for institutional investors due to the price fluctuations caused by Gill's followers. His activities in 2021 had already driven GameStop shares to unprecedented heights with a wave of retail investor money, earning Gill a cult following.