Finance

Chewy Shares Soar After 'Roaring Kitty' Posts Dog Image on X

Jun 27, 2024 1 min read

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Chewy Inc. (CHWY) experienced a notable surge in its stock price, rising by up to 30% after a cryptic tweet from Keith Gill, known online as "Roaring Kitty," featured a picture of a dog on the social media platform X. This increase was short-lived, as the stock dropped approximately 10% within 30 minutes after the initial spike and eventually closed just below the flat line. The tweet is part of a trend where posts from Gill have influenced meme stocks, including GameStop (GME), which has seen significant trading activity recently.

Other pet-related stocks also benefited from the tweet, with Petco Health and Wellness Company (WOOF) and PetMed Express (PETS) seeing gains. The market reaction to Gill's tweet reflects the ongoing influence of social media on stock prices. Despite the brief spike, Chewy's announcement of a $500 million share repurchase program did not appear to have a significant impact on its stock. The event underscores the volatility and speculative nature of stocks driven by social media trends.

#markets #tweets #business

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