GameStop Corp.
Timothy Sykes@timothysykesSo Roaring Kitty has filed that he owns 9,001,000 shares of $CHWY which is worth roughly $300 million at the current price and he included in the filing "I am not a cat" LOL...and now $GME is tanking as it looks like he'll try to squeeze $CHWY instead...what a world we live in!
TheBronxViking@TheBronxVikingNo, I do NOT think @TheRoaringKitty sold all his $GME shares I'm assuming he made a ton off of playing $CHWY calls these last couple weeks and bought a portion of his shares that way, and then he most likely used his 9,001,000 $GME shares as collateral/margin to buy the rest....
What Happened: Gill announced a 6.6% stake in Chewy Inc. This news led to a surge in Chewy's stock, while GameStop Corp. experienced a 7% drop during Monday's pre-market trading.
At the time of writing, GameStop was trading at $23.23 after it closed at $24.69 on Friday, according to Benzinga Pro.
The stake disclosure coincides with a new class action lawsuit filed against Gill by Martin Radev, accusing him of manipulating GameStop's stock price through his social media influence. The lawsuit was filed on June 28, in the Eastern District of New York.
A trader Timothy Sykes commented in a post on X, "...now $GME is tanking as it looks like he'll try to squeeze $CHWY instead...what a world we live in!"
Another pseudonymous analyst called "TheBronxViking" said that Gill had not sold his GameStop shares and was going to use them as collateral to buy more.
"Either way we know a portfolio update is coming from him soon....patience," TheBronxViking wrote.
Gill's stake disclosure came shortly after he posted a cryptic image of a dog on his social media profile, causing Chewy's shares to rise significantly, reaching a near one-year high in intraday trading.
