The Soaring Kitty

Came for the memes, stayed for the dreams.

[Larry Cheng @larryvc]

ICYMI - GameStop News Last Week

1. Ryan Cohen withdraws CEO performance award to focus company on eBay

2. Ryan Cohen Announces $500M personal investment into eBay transaction

3. GameStop projects FY2026 Adjusted EBITDA in excess of $600M

#proud

$GME (full links in thread)

[NaiveAnalyst @naiveanalyst7]

GME’s market cap is currently $9.44B, and it’s sitting on the same amount in cash. Let that sink in: the company could theoretically buy back all of its own float. Make it make sense.
$GME

[GameStop @gamestop]

GameStop reports highest quarterly net income in company history of $389.6 million. Highest first quarter operating income in GameStop’s history of $143.3 million. Net sales grew 14% year-over-year, driven by collectibles. Cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative asset of $9.7 billion.

https://t.co/BAu3T6V9w4

[Ann Vandersteel™️ @annvandersteel]

What about all of the naked short selling overlooked by the 74 members of Congress who signed a letter on behalf of #MMTLP whose 100k investors were crushed by that illegal theft?

[SEC Pilled 💊 @secpilled]

@CitronResearch the opinion wasn't the crime.

tweeting "citron buys $NVDA" and then selling 100% of the position two hours later for $930K was the crime.

those are different sentences. one of them is in the indictment.

[The Soaring Kitty @The_Sutt_Man]

@CitronResearch Community notes for the win! 😂

[The Soaring Kitty @The_Sutt_Man]

@kshaughnessy2 @johnbrda I know a guy who did 22 months for $17k in laundering. I wonder how much time $20 million gets. Probably none…

[kristen shaughnessy @kshaughnessy2]

Andrew Left Found Guilty of Securities Fraud

“Andrew Left, one of the world’s most prominent short sellers, was found guilty of securities fraud by a federal jury after a landmark trial that scrutinized his use of social media to move the price of stocks.

The verdict was handed down Monday in Los Angeles following a three-week trial and two full days of jury deliberations. Left was accused of using explosive tweets about dozens of companies to illegally influence their shares and make a quick profit.

Prosecutors said he earned about $20 million from such trades from 2018 to 2023….”

[Kurt Kloborg 🇺🇦 @KurtKloborg]

CITADEL SECURITIES HAS LOST IN COURT TODAY. THIS IS A MAJOR WIN FOR RETAIL SHAREHOLDERS AS THIS IS THE FIRST TIME IN OVER A DECADE WHERE COURTS DECIDED AGAINST CITADEL SECURITIES.

[ThePPShow @ThePPseedsShow]

LATEST 🚨

CITADEL SECURITIES HAS LOST IN COURT TODAY. THIS IS A MAJOR WIN FOR RETAIL SHAREHOLDERS AS THIS IS THE FIRST TIME IN OVER A DECADE WHERE COURTS DECIDED AGAINST CITADEL SECURITIES. CITADEL WANTED INTENTIONALLY SLOWER EXECUTIVE ORDERS ON OPTION FLOW THE JUDGE SAYS NO. MEMESTOCKS MENTIONED GME AMC AND OTHER HIGHLY SHORTED MEMESTOCKS IN COURT FILINGS

CANT STOP WONT STOP GAMESTOP

[Rich Bartuc @Furu_Bartuc]

@obelicks @gamestop I could barely believe it myself

Another 50,000 @ebay shares sold today

Ebay executives selling them as soon as they get them

[George Palikaras @palikaras]

🚨Breaking news: 🦋

@Nasdaq just LOST its Motion to Quash.

Read that again s l o w l y . . .

The Bankruptcy Court in Nevada has now ordered Nasdaq to produce extensive $MMAT/TRCH trading data under Rule 2004, including RASH and CORE data, order attributes, cancellations, replaces, executions, and related transaction records covering nearly FOUR YEARS.

The Court was NOT persuaded by the ‘undue burden’ argument, noting that producing ~15GB of spreadsheet data is not exactly impossible for… Nasdaq. (One $10 usb stick)

Even more important, the Court explicitly recognized the Trustee’s AUTHORITY to investigate whether wrongdoing occurred on behalf of the estate, including potential claims tied to stock trading activity.

Translation:
This investigation is very much ALIVE.

For months, some people mocked and undermined the Trustee’s efforts, claimed discovery would never happen, and acted like every subpoena didn’t get served initially and that it would be crushed before daylight. Instead, the wall keeps cracking.

FINRA discovery.
Now Nasdaq discovery.
And the Court explicitly referenced separate pending motions involving Citadel, Virtu, and Anson.

Interesting times ahead.

Turns out Rule 2004 is not just a decorative suggestion.

To the Trustee and legal teams, incredible respect.

It takes courage to walk into rooms filled with institutions that have virtually unlimited resources and say:

‘Produce the data’

And to the echo chambers already warming up their spin machines tonight…

You may want to read the actual order first. 🤝

Blessings to all.

[Paul Branham @BoilerPaulie]

Allow me to translate this letter from eBay for those who don’t speak legalese:

Ryan,

We got your unsolicited offer to buy eBay for $125/share (half cash, half stock) supported by your 5% economic interest in eBay.

Our board, backed by the usual crew of bankers and lawyers who get paid either way, “thoroughly reviewed” it.

We’re rejecting it. Not because the math doesn’t work. Not because the highly confident letter from TD Securities for up to $20B on top of your $9B+ cash pile is fake. None of that.

We’re rejecting it because your entire approach to running a company is an existential threat to how we like to operate here.

Here are the reasons we feel this way, and the things we considered before paying consultants to write this:

1) We’d rather keep milking eBay as a “standalone” cash cow than let you turn it into something bigger and better.

2) Sure, you’ve got real financing lined up and you “know people” with deep pockets, but we’re going to call it “uncertain” anyway so we don’t have to engage.

3) Your plan would actually force real long-term growth and profitability changes we’d rather not be held accountable for.

4) The debt we pretended you can’t even obtain, the operational integration and focus on seller satisfaction, and most importantly, putting someone like you in charge of the combined entity all sound like a nightmare for our current leadership structure because all of us would have zero job security.

5) The valuation math only looks bad if you ignore the 46% premium you’re offering our shareholders and the upside from fixing eBay the way you fixed GameStop, which we are choosing to do and hoping nobody notices.

6) And I hope we buried the lede far enough here: Your governance and executive incentives are completely incompatible with ours. You and your board take zero cash, no salary, no bonuses, no golden parachutes. You buy shares with your own money and only get paid if shareholders win. We, on the other hand, like our nice, reliable annual payouts regardless of whether the stock is flat or the company is just coasting. We’re not about to hand over our golden goose to a guy who eats only what he kills.

Look, eBay is “strong” and “resilient” in the way every entrenched public company says it is while handing out eight-figure checks and perks to the C-suite. We’ve done the usual incremental stuff: tweaked the marketplace a bit, returned some capital, and we’d like to keep doing that without any cowboy from GameStop coming in and demanding actual skin-in-the-game accountability. Can you just leave us alone?

Our team remains focused on protecting the current regime and delivering “value”… mostly to ourselves and our consultants.

Thanks, but no thanks,

Paul S. Pressler
Chairman of the Board, eBay
(And proud beneficiary of the status quo)

[Ryan Cohen @ryancohen]

🎯

[Stephanie 🇬🇧🇺🇸🦍 @stephmase22]

📣📣DARK POOL PREDATORY TO RETAIL INVESTORS 🚨🚨🚨🚨🚨

Most investors have no idea how the market works and how it is RIGGED AGAINST THEM

High Frequency Algorithmic trading
firms like Citadel Securities, Virtu and Jane Street Capital use these dark pools.

Ken Griffin has said that firms like Citadel set the price of securities and this is how they do it.

All of Companies that are predominantly owned by Retail investors trade mostly of exchange in the dark pools.

Small cap companies are a huge target to these predators.
SEC doesn't protect the companies and it's shareholders.

WHY WOULD ANY COMPANY IPO

[Ryan Cohen @ryancohen]

is this what an ebay board member should be focusing on? @Shripriya

[Ryan Cohen @ryancohen]

The people running eBay bought $0 of stock in the open market in the last 5 years.

eBay insiders sold more than $120M in the last 5 years.

[Ryan Cohen @ryancohen]

I have been suspended from eBay

[Ryan Cohen @ryancohen]

I’m selling stuff on eBay to pay for eBay

https://t.co/REaITX9iXr