1/13
There are two governments in America right now.
❌Not Republican and Democrat.
❌Not Congress and the President.
But rather
Government One: the constitutional government the Supreme Court has been describing in Loper Bright, Jarkesy, Corner Post, and West Virginia v. EPA.
Government Two: the administrative state that is ignoring every one of those decisions and waiting for them to go away.
We are watching and living a civil war between them in real time.
Thread. 🧵
Sat down with Ryan Cohen, CEO of GameStop, to discuss his early starts in business, why he took a stake in GameStop 5 years ago, and why Ebay deserves a new home.
Thank you to @ryancohen for taking the time!
Timestamps:
00:00 - Intro
00:50 - Ryan's Beginnings in Business
05:50 - Why Pets?
12:20 - Why Enter into Gamestop
15:59 - Gamestop's Future
18:21 - Gamestop's Retail Community
23:10 - Collectibles TAM
26:09 - Why Ebay
30:45 - Ebay's response to the offer
36:20 - Ebay's Live Studio Play
38:00 - Agentic Commerce
41:08 - Rapid Fire
Summary of GMERICA part 7:
Ryan Cohen will get Teddy, Super Mega Corp 🧸
Brett Icahn will succeed his father and become King of $IEP 🏴☠️
Eddie Lampert of Sears likes his dish served ICE cold. 🍴
Marcus Lemonis is ready to bring back $OSTK and go beyond 🚀
Patrick Bryne doesn't care as long as someone gets it done. 👊
Pulte is ready to fuck some shorts. Only the hung. 🍆
Who is ready to save humanity?
Only the young.
#GMERICA 🇺🇸
$GME $BBBYQ
Many in the community will soon realize @edwinbarnesc was right all along.
He put in an incredible amount of work in his DD to educate everyone about Teddy 🧸🦋
Give this man, my Fren, credit he has earned it.
Man. I have been talking about this since way back. I have some ideas @ryancohen maybe someday we can chat about it if I ever meet you in person.
I believe…
$GME GameStop is going to unlock a new economy! 🚨🚨🚨
Listen to this segment from Ryan Cohen in today’s All-In podcast.
Ryan Cohen announced he’ll use eBay to build a NEW digital marketplace for in-game items.
This is something that has never been done before and it changes everything:
Every skin, weapon, virtual item, or asset you earn in games suddenly has real-world tradable value.
What you own in a game becomes a true asset you can buy, sell, or cash out (just like stocks or physical goods).
This is a MASSIVE deal!
It turns gaming from pure entertainment into a REAL EARNING ECONOMY.
Players get actual ownership and liquidity for their time and skill, creators can build thriving secondary markets, and the entire industry shifts toward player-owned economies at scale.
@ryancohen is going to finally unlock the gaming economy.
A man invested $53,000 of his family's savings into a dying video game store. Hedge funds laughed. He turned it into $48 MILLION and made Wall Street beg Congress to stop him.
> Keith Gill was a 34 year old financial analyst at a Boston insurance firm in 2019. His salary was ordinary but his conviction was not.
> He believed GameStop, a struggling mall video game retailer trading at $5 a share, was one of the most undervalued companies in America.
> Wall Street disagreed. Hedge funds had shorted the stock so aggressively that more shares were shorted than actually existed. They were certain it was going to zero.
> Gill invested $53,000 of his family's savings and started posting his analysis online under the name DeepFuckingValue on Reddit and Roaring Kitty on YouTube.
> Nobody took him seriously. He kept posting anyway, week after week, with nothing but spreadsheets and conviction.
> In January 2021 retail traders on Reddit's WallStreetBets discovered his posts.
> They started buying. The stock went from $5 to $483 in three weeks. A 9,600% move.
> Hedge funds that shorted the stock lost BILLIONS. One firm alone lost $6.8 BILLIO and had to be bailed out by other hedge funds.
> By January 27 2021 Gill's $53,000 investment was worth $48 MILLION.
> He lost $13 MILLION in a single day when the stock fell. He held anyway, without flinching, without selling a share.
> Robinhood restricted buying of GameStop without warning. Retail traders were furious. Congress summoned Gill to testify.
> He showed up in his Roaring Kitty headband and said three words that became the most quoted phrase in finance that year: "I like the stock."
> His employer fired him and paid a $4 MILLION fine for failing to supervise his trading.
> He went quiet for three years. Then in May 2024 he posted a single image on X. GameStop surged 50% the next morning before he said a word.
> By June 2024 his position was worth $289 MILLION.
> A Hollywood film called Dumb Money was made about the saga, starring Paul Dano. He has never spoken publicly about it.
He invested $53,000 into a stock Wall Street had already written off for dead. Hedge funds lost BILLIONS.
**Around $532 per share.**
Tesla currently has ~3.76 billion shares outstanding (per latest Yahoo Finance data).
$2T market cap ÷ 3.76B shares = ~$532/share.
For reference, at today's ~$1.52T market cap, it's trading around $405. A move to $2T would be roughly a 32% increase from here.
(Note: This uses basic shares; actual fully diluted could vary slightly with options/RSUs.)