Roaring Kitty owns 6.6% of Chewy's shares, according to an SEC filing

Social media can become a highly influential sector for markets, especially if there is someone who can communicate their investment plans for others to follow out of sheer anticipation. In this context, many of us allow ourselves to be dominated by a sort of feelings, and rarely do we stop to analyze what is happening.

Roaring Kitty made headlines again for purchasing over 9 million shares of Chewy, holding a 6.6% stake in this American pet store. We should remember that we have previously talked about Keith Gill and his capacity to influence the market in a colossal way by either alluding to something specific or by making an investment. We had previously talked about this GameStop whale who showed on Reddit (as DeepFuckingValue) their position in GME, amounting to $210 million. According to a more recent update on Reddit, the number of shares amounts to 9 million, coincidentally matching the shares purchased in Chewy (CHWY).

A document has been filed with the SEC in which traders believe it to be of a legitimate nature, although it is made clear that there have been forgeries of these types of documents. This filing under the name SC 13G is required to be submitted when an investor holds over 5% of a security. In the previous paragraph, we had mentioned holding 6.6% of the shares.

We cannot deny that Gill manages to stir up the market. When he bought the 9 million shares, CHWY managed to close at $26.95, while on Friday it closed at $27.24. It subsequently saw an 11% increase compared to that day.

Last week, Roaring Kitty posted a drawing of a dog, which managed to cause an increase in the value of pet-related stocks. In just 15 minutes, Chewy experienced a 33% increase. It is suspected that this makes a lot of sense given that the current CEO of GameStop, Ryan Cohen, is the one who founded Chewy.

Last week, Keith Gill was collectively sued for securities fraud. It is clear that social media influence on market shares can have a negative impact, especially if there are many people willing to invest unconsciously. If anything is to be said, it is that it is our money and we should be responsible for how we use it. However, all this movement on social media did impact the price of GameStop shares.

On June 28, a lawsuit was filed in the U.S. District Court, specifically for the Eastern District of New York, alleging that Gill has misled investors and managed to manipulate the market for his own benefit. The lawsuit appears to have a very obvious consistency. It's all about what we were talking about regarding the large number of retail investors making investments in GameStop securities, either by buying or holding them, all orchestrated by Gill's posts.

Despite the increase in the stock value on May 14, jumping from $17.46 to $48.75, a huge number of short sellers lost over a billion dollars in GME shorts.

The outcome of all this only teaches one lesson. Not to let anyone or anything tell us what to do with our money, because there will always be something we don't know and what is expected might be very different from what we think at that moment with high hopes.

GME is currently valued at 23.28, with a decrease of -6.01%.