HartValen

[HartValen @HartValen1]

$600 Pokémon ain't for BROKIES anymore!

[Robert Griffin III @RGIII]

If you are a US Citizen and you aren’t rooting for USA against Belgium, you are a traitor. No other way to put it. You can’t be trusted if you are rooting against your own country in the World Cup.

[Thrilla the Gorilla @ThrillaRilla369]

Watched a dude carry a screaming toddler across the parking lot. He noticed me looking at him and said,
“He’s mine, I’m not stealing him” and then before I could reply he added, “If I was gonna take one, it definitely wouldn’t be this asshole.”
😂😂😂

[Quinten | 048.eth @QuintenFrancois]

US against Belgium tonight

[Tony “Boss” Balls @TonyBossBalls]

Just seen 2 Jewish guys go on shark tank. They didn’t even have a product just asked for money.

[Polymarket Sports @PolymarketSport]

🚨Guillermo Ochoa took one last walk onto the pitch at Estadio Azteca

He is now retired from international football with Mexico

[Marie Isabella @MarieIsabellaB]

Cat is going to hell🙀😹

[HartValen @HartValen1]

@dissidentwest STFU You stupid fagggggot 😆

[Goatbeardz @GoatBeardzDD]

The Teddy Holdings Structure

Since $GME released its bid for $EBAY, we've gotten bits and pieces of information over time that give us the broader picture of something larger being built.

And it's clear it's being sequenced.

————

THE BID

GameStop proposed to acquire eBay at $125 per share.

Half cash, half equity.

Total deal value: $55.5 billion.

eBay's board rejected it as "neither credible nor attractive."

Cohen reaffirmed his intent for the deal.

————

THE FINANCING

Cohen has revealed the funding sources gradually, across multiple interviews, articles, and 425's.

- TD Securities highly confident letter for up to $20 billion in debt financing (conditioned on investment-grade ratings - the full amount is unlikely)

- GameStop's ~$9.4 billion cash balance sheet

- $500 million of Ryan Cohen's personal capital

- Sovereign wealth fund anchor funding (hinted at in WSJ sourcing, likely larger than TD's contribution)

- Equity issued to eBay shareholders in the combined company

He also said something most people glossed over: the deal would be funded using eBay's own balance sheet.

$EBAY holds roughly $5 billion in liquid assets and generates approximately $4 billion per year in free cash flow.

Post-close, eBay's cash flow services the acquisition debt.

————

THE STRATEGIC PLAN

On the All In podcast, Cohen laid out three pillars for the combined company:

1. Cut roughly $2 billion in eBay's operating costs

2. Live commerce and physical intake using GameStop's ~1,600 US stores as fulfillment and content-creator studios

3. Digital collectibles marketplace

He recently unveiled the third pillar and said it was something he had never publicly discussed before.

Teddy Holdings LLC filed a trademark for that exact category in August 2022: "Provision of an online marketplace for buyers and sellers of downloadable digital art images, music, and videos authenticated by non-fungible tokens."

It's been in preparation since 2022.

————

THE SEQUENCING

Notice what Cohen has done. He didn't drop everything at once. He revealed the bid first. Then the financing source, then the strategic pillars, with the third one held back until the most recent appearance.

Then he withdrew his compensation package.

Then he said the detailed presentation was coming.

Nine days later, no presentation.

But in that window, https://t.co/oaPe4EnB4M went from a password-gated Shopify store to a Cloudflare-hosted domain redirecting to https://t.co/BQoUHvres4.

Five days before the July 7 vote.

Every piece of information has been released in order and on a timeline.

That's a sequenced reveal.

————

SO WHAT DOES THE FINAL STRUCTURE LOOK LIKE?

Cohen has said the names aren't going anywhere.

GameStop stays GameStop. eBay stays eBay.

If neither name is changing, but https://t.co/oaPe4EnB4M now points to GameStop, and Cohen has publicly modeled himself on Warren Buffett's holding company approach, then what he's proposing is a parent company that sits above both.

Teddy Holdings becomes the parent.

GameStop becomes the first operating subsidiary.

eBay becomes the second.

Names, platforms, customer bases survive.

GameStop shareholders exchange their GME shares for Teddy Holdings shares.

eBay shareholders receive their half-cash, half-equity consideration from Teddy Holdings.

Cohen's $500 million goes in as founder's equity at the parent level.

The SWF capital goes in at the parent level.

Proposal 5: the July 7 vote to increase authorized shares from ~448 million to 2.5 billion is the mechanical enabler. That's roughly ten times what one eBay deal needs - it's permanent acquisition currency for a holding company.

The withdrawn compensation package makes more sense within that context too. Cohen's comp was designed for GameStop as a standalone company. That's literally what they said.

If GameStop becomes a subsidiary, the CEO's comp belongs at the parent level, tied to the parent's performance.

He pulled it because it was in the wrong entity.

————

CAN THIS BECOME BERKSHIRE?

This is the real question.

Not "can GameStop buy eBay?". That's just a transaction.

The question is can the combined entity can compound like Berkshire?

Berkshire Hathaway runs on two things. Float and tax efficiency.

Float is capital that sits with you at zero cost.

Berkshire gets it from insurance: premiums come in today, claims get paid later, and in between Buffett invests that capital. Berkshire currently holds over $170 billion in insurance float. It's free capital to deploy, and it's the engine that makes the whole thing compound.

Tax efficiency is how you keep what you compound.

Berkshire rarely sells, which defers capital gains indefinitely. It moves cash between subsidiaries without triggering taxable events. And when it has NOLs available, those losses shelter operating income across the enterprise.

With both, you have Berkshire.

————

WHERE DOES COHEN GET FLOAT?

Look at the three pillars again. They're not three ways to improve eBay. They're the three components of a float engine.

Pillar 2: Live commerce and physical intake.

Sellers bring merchandise into GameStop's 1,600 stores. The platform takes custody of the item. It lists it. A buyer pays. The platform holds the payment. The seller gets paid later. Float at every step. The item sits with you. The buyer's money sits with you. The seller gets paid after settlement. 1,600 physical intake locations generating marketplace float.

Pillar 3: Digital collectibles marketplace.

Authentication and grading require custody. Items sit with the platform for weeks or months during the process. Payments process through the marketplace during that window. Float on top of float.

eBay already processes over $70 billion in annual gross merchandise volume. Every transaction has a window where the buyer's payment is received before it's disbursed to the seller. That's payment processing float at massive scale.

The combined entity doesn't need to buy an insurance company.

The combined marketplace IS the float engine.

————

WHERE DOES HE GET TAX EFFICIENCY?

This is where the confirmed pieces end and the open question begins.

Pillar 1: Cutting $2 billion in operating costs dramatically expands eBay's pre-tax income. But every dollar of that expanded income gets taxed at 21% unless something shelters it.

A Berkshire-style holdco can defer gains and move cash between subs. But to truly compound tax-efficiently from day one, and especially when you're servicing $15-20 billion in acquisition debt, you want net operating losses.

And the only source of meaningful NOLs that Ryan Cohen has any proximity to is $3.5 billion in losses sitting inside DK-Butterfly-1, Inc.

The shell that was once Bed Bath & Beyond.

The same Bed Bath & Beyond where Cohen took a 9.8% stake in January 2022.

The same month Teddy Holdings filed its publishing trademark.

The same BBBY whose core categories Teddy Holdings filed marks in by August 2022.

The same bankruptcy where the NOLs were carefully preserved through the liquidation process.

The same shell that has been kept alive for three years and still prosecuting Federal Maritime Commission complaints as recently as January 2026, while the §382 change-of-ownership testing window ran.

The same shell that is currently suing Ryan Cohen for $47 million in short-swing profits. A lawsuit that could be settled as part of a transaction.

If Ryan Cohen is finally using Teddy by taking down the bookstore, redirecting the domain to GameStop, staging infrastructure on Cloudflare five days before the shareholder vote then why wouldn't he also go after the NOLs that Teddy was always rumoured to be connected to?

$3.5 billion in NOLs at a 21% tax rate is up to $735 million in tax savings.

Applied against eBay's expanded post-cost-cut income, that shelters the combined entity's earnings for roughly the first 1-1.5 years.

$735 million in cash that stays inside the holdco and compounds instead of going to the IRS.

On a leveraged acquisition, that accelerates debt paydown, which satisfies the investment-grade rating condition in TD's highly confident letter, which unlocks the full debt capacity, which closes the financing gap.

That's the piece that makes Berkshire math work from year one.

————

TL;DR:

Ryan Cohen is finally doing what we have asked for all these years.

$GME is about to perform a reverse triangular merger with the one of the biggest e-commerce companies in the world.

$GME shareholders for years have begged for a similar transaction to become a holdco.

And this is exactly what @ryancohen is building. A holding company. Built over four years. Revealed in sequence. Named after his father.

That's the Teddy Holdings structure.

The only question that remains is:

Will he pull in the one piece that many shareholders are waiting for?

[Fred @Fedrickkkkkk]

I don die

[Hoodville @Hoodville_]

It’s too hot to wear a condom rn

[$ @jxtsummer]

i should donate my brain to science so y'all can study the last real nigga.

[HartValen @HartValen1]

@ryancohen $600 Pokémon ain't for BROKIES anymore!

[Blue Wizard @BlueWizardsLab]

Pokemon complainers be like

“Wow I should’ve preordered when it dropped instead of crying about people who did”

[HartValen @HartValen1]

@BlueWizardsLab $600 Pokémon ain't for BROKIES anymore!

[Alicia Alejandra ❤️❤️❤️ 🇲🇽 @AliciaJ86958882]

La mierda del mundo 🤮

[rich ceo @frolickmaxxer]

ignoring the Debt collectors and coloring instead

[Micah @homuracism]

When I'm in a goycattle competition and my opponents are Messi fans

[Chief Nerd @TheChiefNerd]

Fire up those grills fellas. Happy 4th of July! 🇺🇸

[Complex @Complex]

You can Venmo the US government to help pay down the $39.4 trillion debt 😭