Shares of Chewy experienced a nearly 2% decline in after-hours trading on Wednesday following the revelation that prominent meme stock trader Roaring Kitty had divested his shares in the popular online pet supply retailer.

According to a regulatory filing with the Securities and Exchange Commission released on Tuesday, Roaring Kitty, whose real name is Keith Gill, sold his entire stake in Chewy, which represented 6.6% of the company. The stock dropped 1.9% after hours, settling at $26.19 per share.

In July, Gill had acquired over 9 million shares, becoming Chewy’s third-largest shareholder. He gained considerable recognition in 2021 when he became a central figure in the meme stock phenomenon, particularly with GameStop. At that time, GameStop was facing severe challenges, with numerous Wall Street hedge funds and major investors betting against its stock through short selling. Gill’s advocacy and investment strategy rallying retail investors created a notable shift, leading to large-scale purchases of GameStop shares, despite widely regarded metrics indicating the company’s dire financial situation.

This surge in buying activity initiated what is known as a “short squeeze,” wherein investors who had shorted GameStop were compelled to buy shares at escalating prices to mitigate their significant losses.

Gill has previously expressed confidence in Ryan Cohen, the Chairman and CEO of GameStop, believing in Cohen’s ability to revitalize the company. Cohen was one of the co-founders of Chewy in 2011 but resigned from his position as CEO in 2018.