TheProf

Cause if it was GameStop and not Ryan personally, they would have to disclose it on their earnings reports, but they wouldn’t have to name the investment or its exact value since they are shares in a private company, which by the way, the *Investment Policy* explicitly allows Ryan to invest in: "The Company may also invest from time to time in nonmarketable securities and may need to hold such instruments for a long period of time and may not be able to readily liquidate these investments." And the *Risk Factors* sections in GameStop disclosures contain this language on these supposed nonmarketable securities: "The Company's financial position and financial performance could be adversely affected by worsening market conditions or poor performance of such investments." The risk factor language in filings goes even further, explicitly noting that for nonmarketable securities “Fair value may not be readily determinable, the company may carry these at cost, and the value could differ substantially from carrying value without disclosure of that gap.” This is a real, deliberate disclosure architecture with a very specific meaning in accounting terms. GameStop is: - Affirmatively disclosing it holds (or may hold) nonmarketable securities, which is a category commonly used by public companies to describe private company shares, where no public market price exists. - The phrase "may not be able to readily liquidate" signals that at least one such investment *already exists* at time of filing (you don't typically add that language purely prospectively, as it is describing an actual condition of the portfolio). - The balance sheet absorbs any such holding inside "Other noncurrent assets" which was $58.4M in FY2025 released 5 months after the YOLO tweet, which is never broken out by specific investment. - No cost basis, no fair value, and no identity of the investee is disclosed anywhere in the filing, which fits the "asset purchased but without a disclosed value" precisely. Whether that unnamed nonmarketable investment is SpaceX, something else, or multiple positions is genuinely unknown from the public record. However, SpaceX is scheduled to IPO on June 12th, after which, any public company holding previously private shares of SpaceX would have to disclose on a go-forward basis. Thank you for coming to my TedTalk.

Ryan Cohen’s track record, in his own words from his Pompliano interview, is that of an owner/operator first, and passive/active investor second. Owner/Operator plays (full-time, hands-on): 🐾 Chewy $CHWY - co-founded in 2011, sold to PetSmart for $3.35B in 2017 🎮 GameStop $GME - took ~13% stake in 2020, became Chairman, then CEO in 2023 🛒 eBay $EBAY - GameStop building ~5% stake; $55.5B unsolicited acquisition bid (2026) Activist/Influence plays (significant stake + board agitation): 🛁 Bed Bath & Beyond $BBBY - ~10% stake in 2022, pushed for sale of BuyBuy Baby; exited for ~$68M profit before bankruptcy 👔 Nordstrom - built ~4.2% stake in 2023, sought up to 19.9%, pushed for board changes; exited via take-private in May 2025 Passive/Investment-only plays: 🍎 Apple $AAPL - 6.2M shares ($800M stake); one of his first stocks, bought at age 15 🏦 Wells Fargo $WFC - sizable passive holding post-Chewy exit 🏦 Citigroup $C - passive stake, first reported in November 2022 📺 Netflix $NFLX - building passive stake since late 2022; called it undervalued 🛍️ Alibaba $BABA - grew to ~$1B stake (~7M shares) by Feb. 2025; pushed for accelerated buybacks It’s important to have these categorized accordingly, as Ryan implied in his interview with Pompliano. I see a pattern here and so after he gets eBay, I think he will go for a financial institution (or FinTech).

Say hello if you held $BBBYQ into bankruptcy