ben

Trying to figure all this out

[ben @bjp24_26]

@ShaunFitzzzy Also, isn’t Nat Turner required to buy into GME at some point? i haven’t seen that yet

[Liz Morton ~ Value Added Resource @ValueAddedRS]

New @ryancohen interview just dropped! Love to see him talking directly to more eBay sellers. ❤️

$EBAY $GME

https://t.co/06lp01Ds94

[The All-In Podcast @theallinpod]

Ryan Cohen: “Why Does Everyone Want GameStop to Fail?”

$GME CEO @ryancohen:

“The media is an example. Why is it that you've got a ($EBAY) management team with no skin in the game, they're not builders, they haven't built anything themselves before, they've basically just been employees at major companies, they’ve been overpaid, I don't think they've ever broken out a sweat in their entire lives, why does everyone want them to succeed?

But when you have someone that, and by the way, I'm putting $500M of my own money into this transaction, I haven't pulled a penny out of GameStop, and it seems like everyone in the media basically wants us to fail, and wants them to succeed.

And you've got a board that's making hundreds of thousands of dollars a year. They don't buy stock with their own money. They end up showing up to a handful of board meetings, and they're making a fortune. You've got a management team that is grossly overpaid, taking zero risk.

There's nothing more American than basically risking your own capital. So why does everyone want us to fail?

@friedberg:

“I do think that the media, in order to give you credibility, they're gonna have to acknowledge that all of their takes on GameStop just being a meme stock were wrong, and that there is actually a business here, and that there is value being created here, and that they missed that, and they got the story completely wrong.”

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[Larry Cheng @larryvc]

$GME

Full release: https://t.co/mktWN3ueJ0

[ben @bjp24_26]

@CarmeliteAnna I’ve bought from Anna multiple times. Gifts, also for myself. She has great customer service, and uses the best quality materials. Finished product is truly second to none. Thanks Anna!

[Fitzzzy 🏴‍☠️ @ShaunFitzzzy]

The GameStop board has authorized $2 billion for a share repurchase program

I bet they start buying back right away

$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

[Ryan Cohen @ryancohen]

https://t.co/kVPvOobXU2

[Pope Leo XIV @Pontifex]

Let us #PrayTogether that sports may be an instrument of peace, encounter, and dialogue among cultures and nations, in order to promote the values of respect, solidarity, and personal growth. #PrayerIntention @clicktopray_en https://t.co/S3TtsnBEer

[domoshi @heydomoshi]

On March 2, 2026, a new trademark was quietly filed for https://t.co/n1MdVe4r2K that included "an online marketplace for buyers and sellers of goods and services".

Today, https://t.co/n1MdVe4r2K no longer leads to a website selling children's books. Instead, it opens up to a 'Opening Soon' placeholder. 👀

$GME

[MetalMark @mtlmrkcom]

@solana i tried to buy @ryancohen socks on @eBay but they killed the listing so i bought his @gamestop signs instead and mounted them to my truck

[ben @bjp24_26]

@aubreystrobel @ChristopherHale Love that you are doing this. Cheers!

[Liz Morton ~ Value Added Resource @ValueAddedRS]

New lawsuit alleges eBay employee reported "open & systemic" Promoted Listings ads metric manipulation tied to a "material revenue stream" before being fired.

Complaint says SEC whistleblower report was or will soon be filed. 👀

$EBAY $GME @ryancohen

[Ryan Cohen @ryancohen]

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

[Caroline Burt @Carolin80951797]

One of my best friends Rose,was recently diagnosed with pulmonary fibrosis which is a life limiting disease causing scarring in the lungs. Now she has managed to fall over and break her hip. Could she have some prayers please.

[Ryan Cohen @ryancohen]

🫪

[Ethan Brooks @alt_w_v_g]

You used to sell stuff on eBay.

Maybe an old camera. Maybe Beanie Babies. Maybe a coat that didn't fit.

You paid a small fee. The buyer got the thing. Everyone went home.

That eBay is gone.

The website looks the same. The logo is the same. The 135 million buyers are still there.

But the company isn't really a marketplace anymore.

It is an advertising business with a marketplace attached for distribution.

Last year, sellers paid eBay $2 billion just to make sure their own listings showed up.

Read that again.

The board calls this growth.

A Canadian who runs a video game store called it something else.

Here is what actually happened.

In 2020 the board hired a new CEO. His name is Jamie Iannone. He arrived with a strategy called focused categories.

In plain English, that means leaning into the stuff people pay extra for. Sneakers. Watches. Trading cards. Auto parts.

The everyday seller, the person with the camera and the coat, was no longer the customer.

The customer was now the seller who would pay to be seen.

In 2025 eBay did $80 billion in transactions. They kept $11 billion of that as revenue. Of that $11 billion, $2 billion came from advertising.

Sellers paid them $2 billion to promote listings on a website those sellers already pay fees to use.

That is the growth story.

In the same year, the number of enthusiast buyers, eBay's own term for their best customers, was 16 million.

It was also 16 million the year before.

And the year before that.

And the year before that.

Four years. Zero growth. They mention this on every earnings call without mentioning it.

So what does a company do when growth stops?

It buys back its own stock.

In 2025, eBay returned over $3 billion to shareholders. Most of that was buybacks. In February the board authorized another $2 billion on top.

Buybacks shrink the share count. Earnings per share goes up even when earnings stay flat. The stock price follows.

The stock was $68 a year ago. It is $108 today.

The company did not improve. The denominator got smaller.

Then a man from Canada noticed.

His name is Ryan Cohen. He runs GameStop. He started his career selling pet food online and sold it to PetSmart for $3.35 billion.

He looked at eBay. 135 million buyers. $80 billion in transactions. Real margins. Real cash flow. A board harvesting the business instead of running it.

He bought 5% of the company through derivatives and stock.

Then on May 4, he offered to buy the rest. $125 per share. $56 billion total.

On May 12, the eBay board rejected the bid. They called it not credible.

The math is credible.

What the board means by not credible is we would have to explain why we sold.

Then Cohen went on Piers Morgan.

He said eBay is run by a bunch of losers with perverse financial incentives.

He pointed out that eBay's CEO has been paid $144 million over six years.

He pointed out that he personally takes no salary and has put $128 million of his own money into the company he runs.

You do not have to like Ryan Cohen to notice he is making a point that is hard to argue with.

eBay used to be a place where regular people sold things to other regular people.

Now it is a $48 billion company whose largest growth driver is charging its own sellers to advertise to a buyer base that stopped growing four years ago, while spending billions a year buying its own stock to make the chart go up.

The board calls this strategy.

A video game CEO from Canada called it what it is.

The market is now waiting to see who else agrees.

Plz fix. Thx.

Sent from my iPhone

[Anthony Pompliano 🌪 @APompliano]

FULL INTERVIEW: @ryancohen explains his plan to acquire eBay.

He unpacks his pitch to institutional investors, why eBay is so horribly run, and how Ryan plans to create billion in shareholder value.

$GME $EBAY

[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)