Table of Contents

• Chewy

• Meta

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Economy & Finance

Chewy

Chewy, an online retailer specializing in pet products, experienced significant stock volatility on Monday after influential meme stock trader Keith Gill, known as "Roaring Kitty," revealed a 6.6% stake in the company by purchasing approximately 9 million shares. Initially, Chewy's stock soared by up to 10% following the announcement, but later in the day, the shares fell by about 5%. This rollercoaster ride began last Thursday when Gill posted a photo hinting at Chewy on his social media, which led to a 34% surge in the stock before it closed slightly lower. Gill is well-known for his role in the GameStop trading frenzy and has reignited interest in meme stocks with his recent activities.

Technology

Meta

The European Commission (EC) has accused Meta of violating the EU's Digital Markets Act (DMA) with its "pay or consent" advertising model. This charge follows Meta's introduction of a no-ads subscription service for Facebook and Instagram in Europe last November. The EC contends that Meta's model, which offers users the choice between personalized ads or a paid ad-free experience, does not provide a genuine option to "freely consent" to the use of their personal data. The preliminary findings also indicate that Meta fails to offer an equivalent, less personalized version of its social networks. Potential penalties for breaching the DMA could be as high as 10% of Meta's global annual revenue. Meta has disputed the EC's findings, asserting compliance with the DMA and expressing a desire for further constructive dialogue. This charge is part of a broader EC initiative targeting Big Tech, following similar actions against Apple and ongoing investigations into Meta over child safety on its platforms.

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