The Chewy stake is Gill’s first known investment beyond GameStop. A link connects these two investments: Ryan Cohen, the billionaire founder of Chewy, is now CEO of GameStop. Gill has in the past praised Cohen in his social media posts. Cohen founded Chewy and sold it in 2017.
Shares in the pet supplies retailer rose as high as $30 on Monday but reversed those gains in volatile trading. They were last down 4.8% at $25.92, with more than 54 million shares trading hands, more than three times 25-day moving average volumes. The SEC filing indicates Gill purchased the Chewy stake on June 24, three days before he posted a picture of a puppy on social media platform X that briefly sent Chewy shares to a near one-year high, and also sent shares in Petco and Wag up., alleging he engaged in a “pump-and-dump” scheme that cost them money. Gill has denied past claims he had talked up the stock for his own gain, arguing he was “abundantly clear” that his aggressive investing style was unsuitable for most people.
Gill has consistently argued that GameStop is undervalued and that its management team, led by Cohen, would turn the video game retailer around. Gill’s attraction to Chewy was not immediately obvious, although some analysts speculated Cohen’s historic involvement in the company may have been a draw for Gill.
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