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That was one of the greatest displays of legacy news hit job media (CNBC) vs. new age retail pioneers (Ryan Cohen and $GME) where the old guard is so desperately trying to cling to what's left of their crumbling establishment. Cohen's indifference to Sorkin's childish repetitive questioning was an absolute mog.

04/29 to 05/06 is an important hype week to watch. Buckle up.

I've been thinking a lot about Keith's recent purchase and subsequent sale of Chewy. And about Chewy in general, and Keith's last tweet on 9/6/24. So here are some of my thoughts - and questions. As well as an invitation for discussion. In 2017, Ryan Cohen sold Chewy. This is often discussed and has been covered in length. It was acquired by PetSmart backed by BC partners, a well known PE firm. Chewy was a private company at the time. PetSmart was also a private company at the time. This is an important detail that I will come back to. The disclosed details of the transaction from Chewy IR directly was as follows: "As previously disclosed, PetSmart financed the transaction through the offering of $1,350 million of 5.875% senior first lien notes and $650 million of 8.875% senior notes, together with proceeds of an approximately $1,000 million equity contribution by PetSmart’s existing investor group and cash on hand." The total was $3.35 billion, which was the largest e-commerce acquisition in history at that time. While the exact amount RC personally made from this sale isn't explicitly detailed in public records, given that he was a co-founder and the CEO and from what WAS released, it's been reasonably inferred that he made ~$1bn just for his equity in Chewy. However, the full details of that portion of the deal was not released, *just what was required*. Remember, both the buyer and seller were PRIVATE companies at the time, so disclosure requirements were different than what they would have been if either of them were publicly traded. BC partners is a well established, large PE firm based in Europe. In large transactions of this sort in Venture Capital, founders often retain a small share either directly in the old company, or in the form of equity/debt in the acquirer or it's backer(BC). Some of that could have been baked into those senior first lien notes that were disclosed as being a part of the overall transaction. The explicit details of those notes were also not released to the public. What am I trying to say? My speculation is that, Ryan Cohen may have walked away with more than just cash. Potentially, it was equity in BC partners directly or, knowing the caliber BC operates at and having looked at other deals they have done, it was highly specific / "cutely" structured either through those convertible notes or some other instrument that gave him future equity(or more cash in the future if he chooses) in some form or the other. Remember for a third time: the transaction was a private transaction with only very limited details released on the overall structure. Coming to my conclusion, WAS Keith's interest in Chewy just a random homage to RCs old company? What was he really telling us with the dog eyes looking left and then looking right? Is this what Keith was asking us to realize with his last tweet where he drops Woody with the Chewy mascot's head superimposed? That is in fact, if my speculation is true, exactly what RC did: left his favorite toy to go play with new toys. But we all know he comes back for Woody. Has it been hiding in plain sight this whole time and we just never wondered more about the exact details of that private transaction from 2017? I think so. I think RC has some form of equity or leverage in BC partners, and I'm guessing we are going to see that leverage exerted in the not so distant future as a part of a larger plan.