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GameStop Corp. (NYSE:GME) shares dipped by 7% in pre-market trading following the revelation by Keith Gill, also known as “Roaring Kitty,” of a 6.6% stake in Chewy Inc. (NYSE:CHWY). This news comes as Gill faces a new lawsuit alleging manipulation of GameStop’s stock.
What Happened: Gill announced a 6.6% stake in Chewy Inc. (NYSE:CHWY). This news led to a surge in Chewy’s stock, while GameStop Corp. (NYSE:GME) 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.
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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.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image made via photos on Shutterstock
