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Keith Gill, also known as Roaring Kitty, sparks another meme stock rally – despite focus on Chewy
Keith Gill's return to social media caused the meme stocks of GameStop and AMC to rise significantly once again, although his post was presumably aimed at Chewy.
After a two-month social media break, the well-known investor Keith Gill, also known as Roaring Kitty, returned to the platform X (formerly Twitter) on Friday. This promptly led to a significant rise in the stock prices of meme stocks GameStop and AMC, although Gill's post appears to have been about another company, the online pet supplies retailer Chewy.
Gill posted, as usual without words, only an image from the animated film "Toy Story 2", which is known as a meme. It shows the character Andy dropping the toy Woody, whose face has been replaced by a dog's face. This meme is often associated with the caption "I don't want to play with you anymore". The use of the dog’s face could, as in an earlier post by Gill, refer to Chewy, of which the investor owned a 6.6 percent stake in July.
The reaction to the post was mixed: While Chewy's stock rose only 0.11 percent to 26.19 USD on Friday, GameStop and AMC experienced significant price jumps. GameStop increased by 6.83 percent to 23.92 USD on Friday, and AMC rose by 5.29 percent to 4.98 USD. The price gains for both stocks continued on Monday.
The strong reaction to Gill's post once again shows the influence he has on the meme stock community, even if his posts are not directly related to these securities. In the past, his return to social media has triggered price movements in GameStop and AMC.