Beyond The Bell

Exploring future fortunes - when the last bell rings on Wall St 🔔

[Beyond The Bell @buckbeyond]

Catchphrase of this bull market = Buckle-up.
It's everywhere you look... 👀

https://t.co/bFTS4POBj6

[greg @greg16676935420]

3 years ago this man changed the world and now he’s back

Buckle up

[Beyond The Bell @buckbeyond]

@idealideas Looking forward to adding more to this thread... https://t.co/5vZJN8O2f4

[Beyond The Bell @buckbeyond]

Toys R Us Tin-Foil 🦒🧸🤖

For those that no longer believe in coincidences, below are a bunch of links formed by those in the X community about plans for the toy retailer... 🧵 $TOYRF $TOY

[Beyond The Bell @buckbeyond]

@SwamiKnows_ Thank you for your attention to this matter. DJ Swami

[Beyond The Bell @buckbeyond]

@SwamiKnows_

[Beyond The Bell @buckbeyond]

@SwamiKnows_ we need an inverse-copy ETF or tracker 🤣

[Beyond The Bell @buckbeyond]

@Only_Pangs @TheRoaringKitty https://t.co/HGikHjFfRY

[Beyond The Bell @buckbeyond]

https://t.co/JuOfMI1w1n

[ThePPShow @ThePPseedsShow]

Toys r us signal with teddy bears

It’s going to BIG really really big - RC

[Beyond The Bell @buckbeyond]

Toys R Us Tin-Foil 🦒🧸🤖

For those that no longer believe in coincidences, below are a bunch of links formed by those in the X community about plans for the toy retailer... 🧵 $TOYRF $TOY

[Beyond The Bell @buckbeyond]

Everyone agrees. It's about time https://t.co/ingM9fnThx

[Jesse Tinsley @JesseTinsley]

@neckincrisis Yo when are you going to stop eating and bring back Toys R US?

[Dan Levey @iamdanlevey]

Getting the Big Toy Book from Toys r Us. #IMissTheEraOf

[Beyond The Bell @buckbeyond]

the real 4 year cycle we're here for... 🍏🥧🍦

[Ryan Cohen @ryancohen]

Apple pie and ice cream make me happy

[Beyond The Bell @buckbeyond]

rumor has it greg bought the last 'nothing burger' to be ever seen again 🍔

[greg @greg16676935420]

I ordered a Big Mac with everything removed. Stay tuned to see what happens

[Beyond The Bell @buckbeyond]

@larryvc 🎯🫡
https://t.co/B82c18DwMR

[Ryan Cohen @ryancohen]

not bad for a piece of crap retailer

[Beyond The Bell @buckbeyond]

not bad for a piece of crap retailer...

[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

[ᗺye ᗺye Shorters 🦋 @byebyeshorters]

Half cash, half sock 😅

[Beyond The Bell @buckbeyond]

@VladTheInflator Berskhire are on the wrong side of complex toxic derivatives. They can't get out quick enough from "Bank of America".

I wouldn't assume they are selling to prepare for a crash. They may also be selling to raise margin.

[Beyond The Bell @buckbeyond]

@foxenflask @TheMagnifishit Still have a sneaking suspicion Paypal will be BEFORE eBay, not after. Great post on Paypal btw... https://t.co/Ne1pDvxKlF

[bad robot ventures @foxenflask]

I know I said I wasn’t posting for a while, but this post got me thinking about how $GME could become an instant Berkshire through two sophisticated but hard to execute pieces of M&A activity.

Current Firepower

GameStop holds $9 billion in cash and has 552 million unissued shares available as deal currency. The company also has a shelf registration (S-3) in place, which enables additional debt financing for an LBO-style acquisition if needed.

PayPal Today

PayPal generated $33.2 billion in TTM revenue, $5.2 billion in net income, roughly $6 billion in operating income, and $6.4 billion in adjusted free cash flow. On top of that, PayPal holds $40.7 billion in customer funds, which functions as a low-cost *float* that generates spread income. Despite all of this, PayPal trades at just $37 billion market cap, which works out to roughly 7x free cash flow and 6x operating income. They have some really sleepy management. They own PayPal owns Venmo, Honey, Xoom, Zettle (iZettle), Hyperwallet, Paidy, Simility, Chargehound, PayPal Credit, and a 70% stake in GoPay - some of these assets are severely under utilized by the sleepy management team.

The Play

GameStop doesn’t need to acquire 100% of PayPal. A controlling stake between 51% and 70% would be enough. That level of ownership allows full consolidation of PayPal’s revenue, EBITDA, and cash flow, while governance can be structured through majority board seats or super-voting stock. A control acquisition (with premium) would create a $45 to $50 billion pro forma market cap for the combined entity, with a likely change in valuation multiple through category change. But maybe that wouldn’t be enough to command a 15-20x free cash flow valuation. Enter phase two.

Phase Two: eBay Merger

eBay now trades above PayPal’s market cap for the first time since the 2015 spinoff. The next move would be to use the post-acquisition equity as currency for a 1:1 stock-for-stock merger with eBay, structured so that GameStop and PayPal holders retain more than 50% voting control. This effectively re-verticalizes marketplace, payments, and wallet under one roof, reversing the 2015 separation but now under GameStop’s control architecture.

The Endgame

The result is a $100 billion+ combined platform generating roughly $10 billion in EBITDA, combining PayPal’s $6 billion operating income with eBay’s profit pool and deal synergies. eBay provides marketplace GMV, PayPal powers the payments, wallet, BNPL, and stablecoin infrastructure, and GameStop sits at the top controlling capital allocation and strategy. Just some food for thought.

[Beyond The Bell @buckbeyond]

@TheUltimator5 madcap indeed 👏

[Beyond The Bell @buckbeyond]

Something beyond expected is coming... 👀

[Toys"R"Us @ToysRUs]

To infinity and… straight to Toys"R"Us ⭐🚀
-
Toy Story 5 arrives in theaters this June, and our NEW LeapFrog Lilypad Learning Pad is already becoming a fan favorite 👀
Shop now at Toys"R"Us, in-store and online at https://t.co/5U1ehLCvzH and https://t.co/GspHDXGPqh🛒✨.

[Beyond The Bell @buckbeyond]

Happy GrandMa Evening when it comes... $GME
https://t.co/9K1kHoGN25

[Ryan Cohen @ryancohen]

“Ryan, I love you but I don’t like you” (My Grandma)

[Beyond The Bell @buckbeyond]

@iamrpk 🫡 May the monitoring be with you

[Beyond The Bell @buckbeyond]

@Noah221221 The question $GME folks need to ask is... WHY ? 🤔

Why would their single biggest asset (besides RC & cash) remain silent? Unless Buck is waiting for something...

[Beyond The Bell @buckbeyond]

No one is ready for Buck The Bunny coming out of solitary confinement $GME