GameStop Corp. (GME) shares surged by 5.73% in the 24-hour period ending at 8:01 PM on October 29, 2024. The stock's rally was likely fueled by news that Keith Gill, better known as "Roaring Kitty," sold his entire stake in online pet retailer Chewy Inc.
Gill, who gained notoriety for his influential role in the historic 2021 meme stock craze that sent GameStop shares skyrocketing, disclosed in an SEC filing that he held a 0% stake in Chewy as of September 30, 2024. Chewy's shares fell around 2% following the news, while GameStop's stock climbed approximately 6%.
The trader had recently taken a 6.6% stake in Chewy, sparking speculation that he might be shifting focus away from GameStop. However, his decision to exit the pet retailer completely appears to have reignited interest in GameStop, which shares a connection with Chewy through Ryan Cohen, the CEO of GameStop and the founder of Chewy.
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