Chef Jeff

Just a dreamer, thinker, and tinkerer. Challenging the status quo, one conversation at a time.

[Chef Jeff @ChefJeff2185]

https://t.co/T33NdNjsO1

Full Send. Looking for Collaborators. This is a call to action you won't want to miss. Code the future, or watch it code you.

@grok @elonmusk Thoughts?

[Chef Jeff @ChefJeff2185]

Interesting take.

[Goatbeardz @GoatBeardzDD]

TEDDY TUESDAY WHEN?

I don’t like date predictions. They’re futile. An expert operator builds every step with optionality.

But the calendar @ryancohen has built has a gap in it that only one event fits.

I’m looking out for it so I thought I’d share.

————

This didn’t start in May. Derivatives began accumulating February 4.

https://t.co/jWuPImmRaD was trademarked for “online marketplace” on March 2.

The bid letter on May 3 was the HSR vehicle as you can’t file HSR without bona fide intent.

The rejection was irrelevant. He couldn’t convert anything during the waiting period anyway.

May 3 through May 29, a daily pressure campaign. 13Ds, 425s, interviews, public attacks. Maximum noise, all clock-running.

HSR was the constraint.

——————

June 2. Earnings drop a week early. $2B buyback. That same night, https://t.co/cjwOvO6VdH goes dark for the first time ever.

June 3. HSR clears.

June 5. 13D: 827,648 direct shares. ~$91M. 9%. HSR clearance unveiled.

Talk converted to action.

——————

Now look at the gaps.

The 10-Q is due by June 11. It covers the quarter where the bid, the HCL, and HSR all happened.

Subsequent Events carries everything material.

June 17, eBay’s AGM. Proposal 4: lower the special meeting threshold from 20% to 10%.

A 10% shareholder can call a special meeting.

Then two and a half weeks of nothing before the $GME AGM on July 7.

Cohen created this gap by pushing his own meeting from early June to July. $EBAY does not have a classified board.

If Proposal 4 passes and Cohen crosses 10%, one special meeting, one full slate, one vote.

And he just upped his stake to 9%.

——————

Every gap makes sense if one thing is coming.

And only one thing.

Every objection in eBay’s rejection, financing, leverage, governance, is an objection to GameStop being the acquirer. Not the price. Not the strategy. The entity.

A holding company changes the entity. The SWF has a vehicle. The TD letter activates under holdco credit. The 2.5B shares become acquisition currency. The comp to $100B has a home. The buyback is float reduction before conversion. None of this makes sense for a retailer. All of it makes sense for a holdco.

Cohen told the WSJ he’s building Berkshire Hathaway. Berkshire is a holding company.

It’s the only structure that resolves every open question.

——————

So how does one get created?

Under Delaware §251(g), a company can reorganize under a new parent without a shareholder vote. 1:1 share conversion. Board votes internally, files with Delaware, 8-K hits EDGAR.

Google did it when it created Alphabet.

Announced overnight on a brand new website.

Cohen owns https://t.co/cjwOvO6VdH. Trademarked for an online marketplace two months before the bid.

Taken down the night before early earnings.

——————

So when?

In the Barron’s interview, Cohen said “this will be resolved by shareholders.”

He wasn’t talking about $GME shareholders because that vote is locked. He was talking about $EBAY shareholders.

And eBay’s shareholders are 90% institutional.

If the holdco is announced Tuesday June 9 after close, institutions have five full business days to revoke and resubmit their Proposal 4 votes before the deadline locks on June 16.

The 10-Q can drop alongside or around it.

The case for voting NO collapses.

The activist is no longer a video game retailer but a holding company with $9.7B in cash, HSR clearance, 9% in real voting shares, and a structure that resolves every objection eBay cited. The bid isn’t from $GME anymore. That’s what changes every vote.

June 9th is an ideal date to give institutions enough time to flip. And June 9th is a Tuesday morning.

And if you know Cohen, you know he wouldn’t pass up 6/9, especially when Wikipedia is free.

Not a prediction, but dates I’m watching.

[Velina Tchakarova @vtchakarova]

The curse of awareness by Nietzsche: He who sees too much ends up not fitting in anywhere.

[GregisKitty @GregIsKitty]

$GME GameStop Friday Night Breaking News:

GameStop files NEW 13D form on $eBay!

GameStop has spent ~$92.2M to acquire ~9.0% ownership in $eBay!

"Never been done before within the history of the capital markets".

Sure looks that way! @ryancohen

[Chef Jeff @ChefJeff2185]

@ReesePolitics Transferring ownership to RC as GME buys its up.

[Chef Jeff @ChefJeff2185]

Lol

[Elon Musk @elonmusk]

Even 2010 tbh

[Chef Jeff @ChefJeff2185]

@elonmusk Just in time for pdt too!!! From 100 into a million. Us little folks now have a chance. Cheers to humanity in space!!

[Elon Musk @elonmusk]

SpaceX IPO info

[Chef Jeff @ChefJeff2185]

@CeciliaFoy1 @mikeys_money Gamestop is the vortex. For the next two weeks it'll be space x.

[THE MASKED INVESTOR - BSB @masked_investor]

✍️✍️ $GME Earnings Grade: A

This wasn't just a beat... this was a statement.

📈 Revenue +14%
📈 Record Q1 operating income
📈 Record quarterly net income ($389.6M)
📈 Gross margins jumped to 40.7%
📈 Cash pile now $9.7B
📈 New $2B buyback approved

The old GameStop was fighting to survive.

The new GameStop is printing cash, buying back stock, and sitting on a war chest big enough to make shorts uncomfortable.

Ryan Cohen continues to execute.
#GME #GameStop

[Mikey$ Money @mikeys_money]

$GME The director of national intelligence posted this 2 years ago…

Let that sink in 💫🚀

[Chef Jeff @ChefJeff2185]

@darrenshone1974 @Disn00bed @grok @elonmusk Facts

[Chef Jeff @ChefJeff2185]

Facts

[Jesucristo García @IamJesucristo]

Un viejo del barrio me dijo: "No olvides que la brújula fue inventada antes que el reloj porque la dirección es más importante que el tiempo."

[The Knowledge Archivist @KnowledgeArchiv]

"Evil cannot create anything new, it can only corrupt and ruin what good forces have invented or made"

—J.R.R. Tolkien

[Chef Jeff @ChefJeff2185]

Yap!!

[Flip Mode - X/XX @m74ft1]

RC is a genius

$GME board's approval of a $2B share buyback authorization gives RC the ability to deploy cash immediately at these current, suppressed price levels

By repurchasing shares in the low $20s, the company drastically reduces the float and boosts EPS

Once the buyback forces the price back up, RC can turn around and issue new shares at much higher prices. This assumes the July 7 vote passes and he has an additional 1.5B shares to sell when needed.

If executed well, he may even be able to obtain massive amounts of capital without even touching the new 1.5 billion in authorized shares.

If the shorts try to double down and drive the price lower, they can buy back shares again at the lower prices.

Rinse and repeat

It is an endless financial loop

Can’t stop. Won’t stop. GameStop.

[rnewton @rnewton7777]

Where to start.

Well I think this might be the most significant earnings report in GameStop history.

There are so many headline numbers of high importance. How do I rank them.

#1 Revenue beat and increase YoY. This can finally be crossed off the bear thesis side of the sheet for whoever still maintains it. On fewer stores than ever. Incredible turn.

#2 Margin. No scratch that - UPDATED THE SHARE REPURCHASE AUTHORIZATION TO $2 BILLION. LET'S GO. Almost 3.5 years ago I asked the board for this. And while, yes, we did sell shares two years ago at $20, we can afford to start buying back shares now, because...

#3 $389.6m in net income for the quarter. Extrapolate that out. GameStop can make $1.6b a year now. That new share repurchase authorization? Paid for in 5 quarters. This is how the story began, the large share repurchase in 2019. Maybe this story just starts over again right here this year.

#4 $143.3m in operating income. OPERATING INCOME. That means not only is the inner shell of the company (cash) expanding, but the second level (operation) is expanding and could soon break out with a new multiple as margin grows and TTM EPS grows. This is very good news for the quarters to come.

Excited to see the 10Q. Hope you all have a great evening. Let's go GameStop!

[Larry Cheng @larryvc]

$GME

[Ryan Cohen @ryancohen]

https://t.co/kVPvOobXU2

[Jesse Michels @AlchemyAmerican]

🚨BREAKING: A cognitive scientist from MIT has mathematically proven that evolution guarantees we see zero percent of true reality, that most consciousness in the universe exists without a body, and that non-human intelligences with a wider window on reality than ours can reach in and manipulate it the way a programmer manipulates a video game.

Donald Hoffman (@donalddhoffman) is a cognitive scientist at UC Irvine who has spent 40 years building a mathematical theory of the observer. His work was cited by John Wheeler in the "It From Bit" paper. He studied under Marvin Minsky at MIT, spent two decades secretly meeting with Francis Crick to study consciousness, and has nine specific mathematical conjectures on the table that would derive general relativity, quantum field theory and the Big Bang from a single framework. The top high-energy physicists in the world, Nima Arkani-Hamed and Nobel laureate David Gross, are already saying spacetime is doomed. Hoffman thinks he knows what replaces it.

This interview is the first time he has publicly laid out what his mathematical model explains about alien life, embodiment and the structure of reality.

It already derives time dilation and quantum wave functions directly from differences in observer window size. Physics has spent a century failing to solve the measurement problem because it has been looking in the wrong place. The observer has to come first, and no physicalist framework can get you there.

A consciousness with a larger observer window has access to the underlying structure of our reality in ways we can't perceive or counter. A craft going Mach 40 instantaneously in our headset could be a leisurely maneuver in theirs.

The implications for UAP and alien life are immense.
Embodiment, being locked into a body with fingers and toes as your only interface with the world, is a probability zero anomaly in the full space of possible minds. He also says current large language models are dumber than cucumbers. His new framework, the recursive trace logic, is a completely different architecture, and some of the biggest names in frontier AI have already come to him about it.

The framework has no ceiling, and the implication is a single unified consciousness exploring itself through an unbounded number of perspectives, each one capable of waking up.

Death, in this framework, is just the closing of an icon on the desktop.

Full conversation is live now.

[Chef Jeff @ChefJeff2185]

Big facts

[𐌁𐌉Ᏽ 𐌕𐌉𐌌𐌉 @OrevaZSN]

Capitalism is the biggest joke humanity has ever been forced to live under. It has managed to convince people that manufactured scarcity, structural stress, and perpetual debt are freedom. A system that sells anxiety is not civilization.

[Chef Jeff @ChefJeff2185]

Good question

[𐌁𐌉Ᏽ 𐌕𐌉𐌌𐌉 @OrevaZSN]

If capitalism is so great, why do corporations need tax breaks, subsidies, exemptions, grants, bailouts, legal protections, and trade barriers to survive? And when ordinary people ask for help, why is it suddenly called socialism?