Well, at least there’s not much mystery behind this meme.
At noon, Keith Gill, aka Roaring Kitty, tweeted a picture from Toy Story 2 of Woody being discarded by Andy with a dog’s head superimposed where the cowboy’s face should be.
— Roaring Kitty (@TheRoaringKitty) September 6, 2024
In late June, Gill had tweeted a picture of a dog and sent shares of Chewy spiking higher by as much as 34% on the day. A filing to the Securities and Exchange Commission later revealed that he had purchased about 9 million shares of the pet e-commerce company, a 6.6% stake.
Today’s tweet of a meme often used to say “I don’t wanna play with you anymore” would seemingly imply that he’s throwing the stock to the dogs. But just as Gill’s June 27 tweet didn’t have a long-lived impact on the stock, neither does this micro-missive.
Since the time that Gill’s ownership of the company’s stock surpassed 5% (which triggered the filing), shares of Chewy are down a little more than 1%, broadly in line with the return for the S&P 500 over this period.
The eccentric value investor turned meme maestro came back to social media earlier this year after a long hiatus, and unleashed an avalanche of edited videos.
(I suspect the timing of his return had something to do with the dismissal of a lawsuit pertaining to Gill’s previous involvement in GameStop.)
Eventually, he went on a livestream to re-affirm that he liked the stock of GameStop, the embattled video game and collectibles retailer, and that his bet on the company was a bet on “Ryan fucking Cohen” — the current CEO of GameStop, who was the co-founder and former CEO of Chewy.
You can’t teach an old dog new tricks.