Stay Predictable

$GME: We want to acquire you. You suck at marketing effectively, and you waste a ton of money. We can do it better. $EBAY: Your offer is not attractive nor credible. This is not a serious interaction. $GME: *increases their eBay ownership* $EBAY: We need get better at marketing and not wasting money. It was our idea. We can fix this.

@garyvee @veefriends How do you feel about having @ryancohen lead the combined company of GameStop and EBay?

While theirs a TV timeout … here’s what sold on eBay just today from@veefriends @veefriends … for those just entering our wold today

If $EBAY trades up to $125, the $GME derivative position is already worth somewhere between $927M and $1.47B depending on which part of the options book you’re looking at, with roughly $186M to $236M of pure profit sitting on top of an approximately $10M all-in entry cost, which is less than 0.1% of GameStop’s ~$9B cash on hand. Push eBay to $150 and that same position swells to somewhere between $1.5B and $2.1B, with $750M to $900M of embedded profit. Push eBay to $175…? And the setup only gets more interesting when you look at the float: institutions alone own roughly 104% of eBay’s outstanding shares, insiders including Pierre Omidyar and Margaret Whitman hold another <4.9% each (non-reporting), retail accounts for a small slice on top of that, short interest sits at roughly 3.5% of float, and GameStop’s exposure adds another 6.55%, stacking the total well past 100% of the available float before you even factor in rehypothecation. If GameStop even deploys 5% of its total cash on hand right now, this can turn into a generational trade for Ryan Cohen as our Chief Investment Officer at large, whether or not the acquisition goes through. Ryan delivered on exactly what he said: an investment* that has limited downside, and asymmetric upside. From a capital allocation perspective? The way he has set us up here is incredible, and going to protect shareholder capital at all cost while bringing the biggest ROI possible. And if we get eBay? A bonus as we become an instant $60B company, accretively per current share of GameStop. Thanks Ryan Cohen. I’m voting YES on all.

$GME $EBAY

@ShaunFitzzzy @ryancohen skips foreplay, so he didn’t read the first line anyways. Trust me.

Fuk, I probably shouldn’t have put that part about the reply. Won’t help my case

Imma try to get a reply….. Hey @ryancohen , eBay executives are overpaid and waste a lot of money on dumb shit

They got @ryancohen in the situation room? $GME $EBAY

The $GME legal team thinking about all the sec filings that are going to pile up over this 3 day weekend. $EBAY

The Ugly Teenage Phase of Profitable Growth This is a phase that companies that were once high-growth, high-burn companies (that are typically transactional) go through as they try to get profitable. Phase 1: You start with high revenue growth, high burn rate. Then you realize due to market conditions that you need to get profitable. Phase 2: You drive for operating leverage: - You cut operating expenses - inefficient marketing spend, headcount, etc. -All out focus on enhancing gross margins - pricing, COGs, shipping, etc. Phase 3: You focus on improving working capital dynamics. -renegotiate with vendors, suppliers, manufacturers, etc. to enhance payment terms to improve cash. Phase 4: You clean up the balance sheet - Optimize inventory, renegotiate/refinance debt, try and solidify cash, etc. During these four phases, revenue is declining YoY (sometimes materially) because you're comping against prior quarters with heavy marketing spend. This is why this is the "ugly teenage phase" - it looks ugly if all you're looking at is the top-line. But, there are usually good signs: -marketing and sales efficiency is improving -all opex lines are decreasing as a % of revenue -EBITDA and/or OCF is growing Phase 5: Revenue is declining YoY, but you have achieved profitability (EBITDA and/or FCF). At this phase, you are still ugly to the world because revenue is declining, but the end of the teenage years is on the horizon. Phase 6: Maintaining profitability and returning to YoY revenue growth by investing some of your own cash flow back into growth. This happens typically in 4 steps: -step 1: sequential Q/Q gross margin growth -step 2: sequential Q/Q revenue growth -step 3: YoY gross margin growth -step 4: YoY revenue growth The revenue growth comes from first from delivering real customer value and then: -efficient marketing spend -introducing new products -expanding new channels -reactivating churned customers -pricing -defending the base of loyal customers The challenging part of this journey is the ugly period can last a long time. From Phase 1-5, you don't get much of any credit. It's not until you hit Phase 6 that outsiders will believe in the company again. But, those close to the company can watch as each phase is cleared and know that the company is going in the right direction. However, to be fair, until you get to Phase 6, you haven't reached the ultimate end goal. **For the sake of clarity, this is a general observation across several different companies in different contexts many of which I'm not involved with. This is not an observation or prediction related to any specific company.

$GME

$GME $EBAY

Jeeze, @ryancohen, such a social media sl*t tonight 😈 $GME $EBAY

@ryancohen @CanadiensMTL @Lil_Doby44

@CanadiensMTL @Lil_Doby44 lfg

GO HABS GO

@ryancohen @typesfast @mazul1s @flexport You can kill my goose and lay my eggs, Ryan.

@typesfast @mazul1s @flexport Killing the goose that lays the golden eggs.

SpaceX dedicated an entire page of their S-1 to their partnership with @Flexport.

@foxenflask My favorite part is how much the MSM criticized GME for not doing anything with their cash and now that they show an accretive use of their cash, they are saying they are doing too much with their cash 😂

“When is $GME going to triple double butterfly reverse-merge into a holding company?”. GameStop IS the holding company. They have been setting it up for years. Just look a little closer and without bias. Look at what it says on the first page of the Annual Report released yesterday after market close (refreshed language), and what they’ve been saying in reports going back a couple years. Need more proof than the legalese? Only holding companies or investment firms post profits or show cash flow that is almost as much as their generated revenue, because they have their cash deployed in all the right ways. And THIS holding company is about to do JUST that. Mainstream media can wave away “interest income” and “other income” and retardedly focus on “operating income” for so long without sounding like absolute buffoons. At one point they start sounding incompetent even to the untrained ear. GameStop now has a legacy business fully optimized and printing piles of cash, investment in treasuries yielding even more cash, bitcoin hedging currency devaluation while making income through appreciation and bitcoin derivatives, and equity + derivative positions in other public companies with ambition to acquire them outright. And you want them to do what? Change the name to Teddy Bear Morgan Chase Investments and talk about their operating income from just one of their many areas of focus? No thanks.

@ValueAddedRS @ryancohen Ebay jingle campaign: - Big studio - Big advertising firm - Nashville artists - Overpriced media market saturation Nobody knows it exists GameStop hot spokeswoman campaign: - Filmed on location - Literally just @okaygnomie and a camera guy - posted on X 58million views

$GME

Uncle Bruce is the best $GME $EBAY