In a remarkable turn of events on Thursday, Chewy (NYSE:CHWY) stock experienced a significant surge, rising as much as 30% after a tweet from the X account associated with the renowned investor Keith Gill, famously known as "Roaring Kitty."
The tweet, which featured a picture of a dog, was posted at 1 p.m. ET and quickly caught the attention of investors, driving Chewy shares to new heights.
Keith Gill, who gained fame for his role in the GameStop (NYSE:GME) stock saga, has a history of influencing market movements through his social media activity.
Over the past month, his posts have notably impacted GameStop shares, though the meme trade had quieted down in the past week.
While the tweet reignited market interest, causing an immediate spike in the stock price, Chewy's stock later relinquished some of its gains, stabilizing at about 10% 30 minutes post-tweet.
The ripple effect of Gill's tweet was felt across the pet industry, with shares of other pet-related companies also experiencing an uptick.
Petco (WOOF) and PetMed Express (PETS) saw their stock prices rise following the tweet, underscoring the influential power of Gill's social media presence on market dynamics.