The Roaring Kitty Effect: How Memes and Social Media Can Sway Stock Prices

Petco and Chewy shares experienced a sudden surge on Thursday, with Chewy’s stocks rising by as much as 28% and Petco briefly reaching a 13% increase. The gains in both stocks were prompted by a social media post by meme trader Keith Gill, also known as “Roaring Kitty.”

Gill’s influence on stock prices was previously seen when he posted about GameStop, causing it to experience a 74% surge in shares. Since then, he has increased his stake in GameStop to 9 million shares, making him one of the top shareholders. However, despite recent fluctuations in GameStop shares, which have dropped 47% since early June, they saw a 3% increase on Thursday.

The increase in stock prices came after Gill posted a photo of a dog on his X account. As the market approached closing time, the gains in both stocks were partially pared down. Despite this, investors continue to closely monitor Gill’s social media activity for potential investment opportunities.