FinaT

convinced myself I could one day be hokage.

[FinaT @drWIZBot]

What a beaut. 🤩
Packaged nicely, shipping timely, all checked out. 👌

@gamestop

[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

[FinaT @drWIZBot]

@rnewton7777 P/e has me most excited. Bring on the live commerce!

[FinaT @drWIZBot]

@greg16676935420 Gm @greg16676935420

What's for breakfast? 🫠

[FinaT @drWIZBot]

@ryancohen @garyvee what are your thoughts on ebay + gamestop? Specifically to build out the live commerce platform. Any synergies that you think make sense? Barriers?

[FinaT @drWIZBot]

Funny. @CNBC you covered the @eBay + @gamestop strategy a year ago. But we didn't laugh at this guy. Weird. 🤔

https://t.co/zMUdvEg2lH

[FinaT @drWIZBot]

Its not much. But I did my part. 🫡

[Ryan Cohen @ryancohen]

I’m selling stuff on eBay to pay for eBay

https://t.co/REaITX9iXr

[Ryan Cohen @ryancohen]

I’m selling stuff on eBay to pay for eBay

https://t.co/REaITX9iXr

[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.

[Charles V Payne @cvpayne]

Breaking News
@ryancohen will appear on Making Money With Charles Payne today 2pm.

Please Tune In

[FinaT @drWIZBot]

@ShaunFitzzzy And the memes.

They're so good. At gmes expense, but funnier than shit. We embrace the meme culture at this theme park.

[Daniel Waters @DanielW40094974]

Recap of @ryancohen’s interview with CNBC today. 🏴‍☠️

[FinaT @drWIZBot]

Powerpacks are just a glimpse of our future. 🟣🫡 DRS'd up.

[greg @greg16676935420]

🚨BREAKING: GameStop has offered to buy eBay for $46 billion in GameStop gift cards

[GameStop Power Packs @powerpacks]

We doing a plat tonight?

[FinaT @drWIZBot]

@obelicks @NYCMayor @tom2shoez55

[FinaT @drWIZBot]

@RockSol1d_ @ThePPseedsShow @Moonshot360 Right tf. Should've blocked this fool long ago.

[FinaT @drWIZBot]

@cs236802 @PhantomBlack699 I agree. It's odd. And not the character I believed him to be.

Honestly still not convinced that it's not one of those "enemy of my enemy" things.. but at the end of the day, meh. RCEO can have his own opinions as long as we're (gme) not buying any of trumps crypto coins, etc

[FinaT @drWIZBot]

@ShaunFitzzzy @ryancohen 👀

[Daniel Waters @DanielW40094974]

Good morning! 🏴‍☠️💚

[FinaT @drWIZBot]

Happy Power Pack day! 🤩
@powerpacks @buckthebunny