Buybacks typically push a stock's price up by taking shares off the open market.
This week, GameStop officially approved another $2 billion of buybacks
No one knows when these buybacks will happen but here's a quick reminder of key levels for $GME as we head into uncharted territory:
$29 → Bond conversion unlocks
$32 → 59M warrants go ITM
$39 → Arb shorts cover (depending on how equity hedge was structured)
$45 → RC comp starts
$50+ → S&P 500 inclusion
eBay board directors realizing they've dug their own grave b/c they've been continuously selling shares and giving up voting power to GameStop / @ryancohen $GME $eBay
Ryan Cohen casually dropping $91 million from $GME into $EBAY shares directly in one day
Just for reference, his personal investment into $GME was around $76 million and he doesn't spend money frivolously
eBay is coming to Cohen & GameStop 🏴☠️
🚨 BREAKING $GME 13D JUST FILED
Stake: 9.0% of $eBay (39,874,306 shares)
827,648 shares owned directly (~$91 million spent)
~39 million shares via Put/Call Pairs (derivatives) with Toronto-Dominion Bank
GameStop's market cap is exactly equal to its cash and assets on hand. 👀
The market makers believe the business side of GameStop is worth exactly ZERO... 🤡
You just can't make this up!