Online pet products retailer Chewy now has a multimillion-dollar stake from meme stock trader Keith Gill, also known as Roaring Kitty, who sent GameStop shares soaring during the outbreak.

Massive $245 Million Stake Worries Executives

A regulatory document was made public on Monday, July 1, revealing that Gill, who also goes by the username "DeepF------Value" on Reddit, had acquired almost 9 million shares of the American pet supply behemoth.

Based on Chewy's share price of $27.24 on Friday, June 28, Gill now has a $245 million stake after the purchase, according to CBS News. The announcement of Gill's investment caused a 15% spike in Chewy's stock price on Monday.

A source close to Chewy's decision-making process told Reuters that executives were worried that asset managers who also happen to be shareholders would be scared off by the stock's inevitable volatility due to Gill's investment. Reportedly, Gill has not been contacted by Chewy's board of directors or management.

In terms of Chewy stock ownership, Gill has surpassed Vanguard Group and Baillie Gifford to become the third-largest shareholder, according to Fortune.

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Who Is Roaring Kitty?

In 2021, Gill became famous online when he gathered a large number of amateur investors to invest in the troubled video game store GameStop. This led to a dramatic increase in the company's share price, which Gill had begun purchasing the year before, triggering what is now regarded as the first meme-stock craze.  

GameStop's stock price has gone through the roof recently, especially since Gill came back online in May after a three-year hiatus.

READ MORE: E*Trade Considers Banning Meme-Stock Influencer Keith Gill Amid Manipulation Concerns