ishtar

It can be really easy to let the world turn you sour. And I'm not saying it is an easy thing to flip. But if you fill your life with the world, your mind will end up in a place of hurt, chaos, and confusion. Don't watch that news show that makes you upset. Don't watch that show full of bad characters doing bad things. Don't listen to crazy people that want to confuse you. I've watched too many people let the world transform them into something I don't think they really want to be. But at the end of the day, it is a choice they are making so I can't stop them. Whatever road your are walking, whether toward chaos or certainty, know the things you are doing at each step will take you to the next crossroad. If you don't like where you are going or how you are feeling, you can turn it around, but you will have to change your habits. The people you hang out with, the shows you watch, the music you listen to, the influencers you follow, the forums you visit. Focus on the good and the light and smile, it is a beautiful world and a brand new day. Start there - smiling at the joy that is life and the creator that put you here to be the version of you they knew you can be. Then start doing stuff, because we were made to work. I hope you have a beautiful day.

With caveat that it was written by a woman making a plea deal & hoping to avoid jail time - if even half of the things Veronica Zea said in her sentencing letter about working at $EBAY under Jim Baugh was true, it would still be enough that the whole board should have resigned.

FUTES are extremely green. OPEN THE DAMN MARKET!!!

“What is your objective?” Some say this is a movie. Shoutout D Squad $BBBYQ @Megatronisagay @lilcapital741 @FiveForForty @GBAZ1992

Reminder: I'll be having a fun $EBAY $GME chat with @PhantomBlack699 today at 4 PM Eastern!

Tommorow 👇 Any questions drop them below

GameStop! What I'm looking forward to: 1. Quarter 1 10Q should be released June 9th I believe. - Very possible we blow out EPS and beat on Revenue. Rationale: a) Collectibles are doing very well. b) eBay position gain of hundreds of millions in Q1. c) Interest continues to print. d) Store closure costs falling off. e) BTC flat. 2. Babe Ruth leads into June but you never know. - As usual, make good decisions for you. Track record on these was extremely solid until November 2025 but M&A cycle has made things tough! 3. Voting should begin soon. - I don't know how anybody should vote. 4. eBay battle continues. - Expect continued back and forth. 5. Shareholders Meeting July 7th - After eBay's meeting! As always, I hope everybody is doing well. Long weekends feel like an eternity! Christ is King!

@FiveForForty @REEDFLEMMMMING I like The Orville by Seth McFarland (Family Guy). It's like his version of Startrek.

@npantano_ @npantano_ I need your help getting in touch with @chooserich bro help me tag this dude please. I’m confident I can save his life with my machine: x.com/ashwinkalyandu…

The put/call pair strategy deployed by Cohen is a financial strategy masterclass. Why does this strategy suit Cohen’s interests perfectly? To answer this question we must focused on cohen’s ultimate goal: acquiring eBay. A pit/call is a derivative structure combining two options: Cohen buys a call, payign a premium for the right to purchase eBay shares at a fixed strike price. Simultaneously, he sells a put to TD Bank, the official counterparty, receiving a premium in exchange for the obligation to buy those same shares if TD exercises. The two premiums partially offset each other (net premium = call premium paid minus put premium received). So, Cohen paid a total net premium, GME actual out-of-pocket cost, of just $7,007,703 for economic exposure to 29,078,699 eBay shares, currently worth approximately $3.4B at market price. this structure is a win-win for Cohen regardless of what eBay’s stock does: Scenario A: eBay stock rises above the strike price. Cohen exercises the call. And here the outcome splits into two sub-scenarios depending on HSR antitrust clearance: If HSR is granted: Cohen physically settles acquiring 29M+ shares at the predetermined strike price, well below current market value. Based on the disclosed strike range ($84.74–$114.96) and current market price ($118) the mark-to-market gain on the position ranges depending on the strike distribution. GME ends up owning a significant physical stake in eBay at a discount. If HSR is not granted: the put/call pairs are cash-settled. And in this case Cohen receives the difference between the market price and the strike price in cash, potentially hundreds of millions, even up to $1B in profit depending on where eBay trades. Basically, GME wins financially even if the deal never closes. Scenario B : eBay stock fallsbelow the strike price. TD Bank exercises the put meaning Cohen is obligated to buy the shares at the strike price. But here’s the thing: Cohen wants to buy eBay anyway. The put simply accelerates the acquisition of shares he was always going to buy, partially funded by the premium he received from selling the put in the first place. This way effectively reduces his cost basis on those shares. In both scenarios, Cohen ends up either owning more eBay or pocketing significant cash profits. There is no scenario where this structure works against him, because in every scenario the outcome serves his ultimate goal. Still learning. Still sharing. Not financial advice. $GME $EBAY

I don’t know when people will start to realize the massive value that this so-called “DiLuTiOn” actually brings to all shareholders. Let me say it one more time: would you rather own 100% of a $10B company, or 40% of a $60-70B combined entity in the bear case scenario, with enormous upside potential under Cohen’s leadership? The math is not complicated. The 40% is worth $24-28B, more than double what you own today. That’s what accretion means. Be retarded, but not that retarded. $GME

Well, it turned out I was being really naive in my latest deal analysis, assuming a massive dilution event based on GME’s current market valuation. After listening to latest Cohen’s amazing interviews, I realized I was too caught up in the literal “letter” of the proposal, specifically the authorized share count and the 50/50 split. The deal is far better than most people thought, including me: the bid is $125 per share, where 50% is paid out in cash. Starting from the cash side: $8/9B GME cash + $20B from TD Bank = $28/29B, paid directly to eBay shareholders who want liquidity. No big issues here. The interesting part is the other 50% equity, which it turns out both GME and eBay shareholders will be rolling their stakes into the new combined entity, each keeping a proportional ownership. What are those proportions? As Cohen explained and @foxenflask outlined in his spot-on analysis: if this were a pure stock-for-stock deal, without the 50% cash side, it would be 20% GME shareholders and 80% eBay shareholders. But thanks to the $28/29B cash payment, the GME shareholders’ stake jumps from 20% to 40%. What does that mean in practical terms? Using @foxenflask’s Year-One pro forma projections, in the bear case scenario (15x P/E multiple), the combined entity would be valued at ~$66.7B. The 40% owned by GME shareholders would be worth $26B slightlymore than double GME’s current markte cap. So yes, the dilutionin percentage terms is real, but the value creation more than compensates for it(accretive dilution). In a post-acquisition scenario, it would make total sense for the “third-party equity” (sovereign Middle Eastern wealth funds, as Cohen explicitly mentioned in his WSJ interview) to step in via convertible notes at a high implied PPS of the combined entity, ideally at 0% interest like GME’s existingconverts. The proceeds would instantly retire the $20B TD Bank debt, which carries interest costs. Clean balance sheet, no dilution until the stock is already significantly higher. And there’s another angle worth noting on debt sustainability. Taking TTM EBITDA figures, eBay at $2.99B and GME at $0.3B, gives a combined baseline of $3.29B, which would put Debt/EBITDA at 6.08x on the $20B TD facility. Right at the limit. But when you apply Cohen’s $2B annualized cost cuts to the pro forma EBITDA, the entire thesis is solidified: Cohen explicitly stated in his TBPN interview that this transformation, particularly the $2B reduction across S&M and corporate overhead, is “something that is going to happen fast, fast, fast.” So, if we add the $2B from the cost cuts to the $3.29B combined EBITDA, it moves to $5.29B, dropping Debt/EBITDA to $20B ÷ $5.29B = 3.78x comfortably within bankable territory (see the picture below). (At 3.78x, one wonders if Dr. Burry has already reconsidered his paper-handed exit and is quietly buying back in. lol) Why would eBay shareholders want RC as CEO? Because, in Cohen’s own words, he would treat eBay like his own baby. And the numbers back it up: cost cuts alone would push pro forma EPS from $4.26 to $7.79 in Year One, and that’s just the starting point as Cohen said. The real transformation comes from the vertical integration of the two businesses: 1,600 GameStop physical stores repurposed as authentication and intake hubs for collectibles, dramatically expanding eBay’s inventory; a national logistics network for live commerce; partnership with PSA already in place for grading; integration with TCGplayer for trading cards; expansion into digital goods including Roblox items and gaming assets; and an owner-operator mentality applied to a platform that, despite spending $2.5B on sales and marketing, added only 1 million net active buyers in FY2025. I'm stupid, and nothing I say is financial advice. I'm just learning out loud, and having fun sharing my dumb opinions. $GME $EBAY (Visual inspired by @foxenflask’s framework)

People keep asking how we can be confident the market will value the combined entity at $60-70B when $20B of that will be new debt. debt and market cap are two different things.!! Enterprise Value = Market Cap + Net Debt. EV is the metric used in M&A to assess acquisition multiples : it’s what an acquirer actually pays to buy a business, debt included. That’s why we calculate EV/EBITDA, to understand the true cost of an acquisition relative to the earnings power of the target. market cap is decided by the market itself and the market prices equities based on future earnings power, not on how much debt sits on a balance sheet. Let’s look at three companies that carry significant long-term financial debt right now: Tesla: $7B in long-term debt. P/E ratio: 383x. Amazon: $66B in long-term debt. P/E ratio: 32x. Meta: $59B in long-term debt, double what it was in 2024. P/E ratio: 22x. None of that debt prevented the market from assigning them enormous valuations. Because the market doesn’t price stocks on balance sheet purity. It prices them on earnings, growth, and future potential. The combined GME × eBay entity would generate $9.58 in pro forma EPS (taking into account the 2B cost cuts projected by Ryan Cohen) in just Year One. At a conservative 15x P/E well below Tesla, below Amazon, and in line with Meta, that’s $66.7B in market cap. The $20B debt, which will be the form of zero-coupon convertible debt imo, reduces Enterprise Value, not market cap directly. Markets are often inefficient and irrational, and they can stay that way for a long time. Tesla trading at 383x earnings is proof enough. So before mocking $GME’s valuation, maybe brush up on the difference between Enterprise Value and market cap. Or at the very least, don’t comment with unwarranted confidence on concepts that even a stupid and naive individual like me grasped. Still learning. Still sharing. Not financial advice. $GME $EBAY

BRING BACK NFTS

@chooserich @nyoungdumb Bro how do I REACH you. @chooserich I’m pretty sure I can save your life with my invention! @Moelava @JohnnyLCKai @lilcapital741 @mikeal_man @Meeesh741 @nitinpaul98 @RaylanCharles13

Ryan Cohen cheers on the Habs, who are giant underdogs for the Stanley Cup. A fitting comparison for $GME attempting to take down the eBay giant.

@CanadiensMTL @Lil_Doby44 lfg