5 ms·

Any reasonable person could see this was a ridiculous clown show, put on by the ridiculous clown show meme stock company.

CodeWriter23 6mo ago
This movie isn't over yet. We'll have to wait and see if GameStop goes full 80's on them with a hostile takeover attempt.
- kotaKat 6mo ago
  Meanwhile they're now working on getting approval to dilute out another billion or so shares: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326380/000119312526217168/d937376dpre14a.htm#toc937376_151 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326380/0... "We are asking our stockholders to approve an amendment to our Third Amended and Restated Certificate of Incorporation, as amended by the Certificate of Amendment dated June 2, 2022 (the “Existing Charter”), to increase the number of authorized shares of our common stock to 2,500,000,000, and correspondingly increase the number of authorized shares of all classes of our stock to 2,505,000,000 for the reasons discussed below. Our Existing Charter currently authorizes the issuance of 1,000,000,000 shares of common stock and 5,000,000 shares of preferred stock."
  - SwellJoe 6mo ago
    Cocaine (or whatever their CEO is on) doesn't buy itself. Edit: Also, the fact that company leadership can get away with this kind of thing, fleecing retail investors for millions/billions of dollars, and face no consequences is...I dunno. I guess it's just normal now. Lawlessness, bribery, favors to the right politicians, lying without hesitation or remorse. People in media clutching their pearls over whatever the Gen Z kids are getting up to on TikTok while this shit is going on is just the icing on the cake.
  - WJW 6mo ago
    I thought their stockholders were super into direct registration to trigger the "mother of all short squeezes" when (or so the conspiracy went anyway) all the evil hedge funds would have to buy back their alleged naked shorts for infinite money. That doesn't really play well with Gamestop putting 1.5 billion extra shares on the market, which is basically exactly the reverse of a short squeeze and would surely push down prices. Or was this a 2022 thing and Gamestop investors have moved on from diamond handing?
    - SwellJoe 6mo ago
      They're in an entirely alternate reality where those evil hedge funds did not fleece them for all they're worth. They got had, by GME insiders and by institutional investors. And, lots of people warned them, but they had belief and diamond hands. I hate that this shit goes unpunished. Though, I guess the apes got mad as hell at anyone that tried to talk them down, or did anything to slow the bleeding.
      - WJW 6mo ago
        > I hate that this shit goes unpunished. The apes did get punished though? And the hedge funds correctly took advantage of irrational behavior by other actors in the market. This is how price-finding in the markets is supposed to work, I can barely call that "evil".
        SwellJoe 6mo ago
        No, I mean the GME insiders who made a bunch of money off the apes, pretending to be on their side. They may be gullible and ignorant about the market (and very annoying online), but it's shady as hell that GME leadership hasn't been forthright about the state of things.
- tclancy 6mo ago
  Someone call T. Boone Pickens and the Greenwash Boys!
- matwood 6mo ago
  GME had already acquired ~5% of Ebay shares ahead of the offer.
  - deleted 6mo ago
    [deleted]
  - sirbutters 6mo ago
    Why didn't Cohen buy 100% of eBay shares. What is he, stupid?
  - kentm 6mo ago
    He actually didn't. The majority of that was in options. So he "controlled" 5% via derivatives but this is not the same as owning shares.
- turtlesdown11 6mo ago
  I hope this happens bc they can't even get financing so it would prolong the hilaritiy
Imustaskforhelp 6mo ago
"Half stock, half cash": https://www.youtube.com/watch?v=NxD-KGsvPI0 https://www.youtube.com/watch?v=NxD-KGsvPI0 (I couldn't believe myself at first seeing things like these happening and this clip in particular, how does one get millions of dollars for such an disastrously wild interview to me feels quite off to me)
- SwellJoe 6mo ago
  The fact that a guy like this can rise to the level of CEO making millions pretty much sums up everything wrong with the world. I don't think I would trust that guy to make a sandwich.
  - Imustaskforhelp 6mo ago
    I would admit that when I had first heard the news (from hackernews) and read its comments, people gave multiple examples and convuluted examples on how this all makes sense and the financial aspects. I was left feeling impressed that perhaps gamestop might've been thinking something new. Then I watched the video. > I would trust that guy to make a sandwich. Don't worry, we are just trusting him with around a measly 11 billion dollars. This isn't even the worst part by the way, somehow the worst part to me feels like there are people who watched that interview and then somehow got even more convinced within this person/gamestop and publicly glaze him. To them, I have a question like, are we watching the same interview? How can anyone watch that interview and then consider it in any way positively or anything like that, like huh, have we watched the same interview? Perhaps some of us at first (like within that HN discussion) were/are trying to justify as if it is some massive brain effort by gamestop or anything and its a 5d chess move ,but to me, this interview showed me what the reality is actually.
    - flyingcircus3 6mo ago
      This is because the community around Gamestop is radicalized by the exact same grievance culture behind the MAGA movement. It even started conveniently in January of 2021, at a point of MAGA's seeming obsolescence. The adherents of this movement have already accepted the final result as guaranteed, and literally every piece of news the world over gets interpreted through the lens of this eventuality that Gamestock's stock price will explode, making them all millionaires and billionaires. Just like MAGA, the community is full of people whose main role is to delegitimize negative news, and reframe it all as instead proof that the mother of all short squeezes is imminent. Today is the perfect day to see this playing out on their subreddits.
boringg 6mo ago
I mean they make a good point -- ebay isn't a serious company anymore. It really needs someone with a vision to rebuild it. That its limping along and executives are essentially bleeding a previously valuable internet asset dry is kind of sad.
- Scoundreller 6mo ago
  The sad part is the offer primarily focussed on how eBay can cut costs when a lot of that spending is probably accretive. eBay’s biggest issue is their declining online shopping marketshare. They’ve gone from owning nearly the entire market to just losing it.
  - SwellJoe 6mo ago
    They're doing a terrible job of preventing scams. Right now there are hundreds of listings for GPUs at too-good-to-be-true prices from sellers with 0 feedback or, worse, from old accounts with positive feedback that have obviously been taken over by scammers (all the feedback is from years ago and about unrelated products). Trust is what eBay brings to the table, when they cede that to scammers, they stop being useful...I can get scammed on TikTok any time I want.
    - croes 6mo ago
      Show me any platform that successfully prevented scam.
      - SwellJoe 6mo ago
        eBay ten years ago. (At least, much more effectively than now, where a large percentage of listings in some categories are scams.)
        croes 6mo ago
        Just because they got worse doesn’t mean they were good. The reason why it’s worse now is that automation of the scammers got better, it was more of a manual job back then.
Apocryphon 6mo ago
Imagine if the Tesla/X empire went for GME next.
- SwellJoe 6mo ago
  Both are meme stocks, wildly overvalued according to any accounting of fundamentals, so I guess it'd be fitting.

CodeWriter23 6mo ago

This movie isn't over yet. We'll have to wait and see if GameStop goes full 80's on them with a hostile takeover attempt.

kotaKat 6mo ago
Meanwhile they're now working on getting approval to dilute out another billion or so shares: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326380/000119312526217168/d937376dpre14a.htm#toc937376_151 https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326380/0... "We are asking our stockholders to approve an amendment to our Third Amended and Restated Certificate of Incorporation, as amended by the Certificate of Amendment dated June 2, 2022 (the “Existing Charter”), to increase the number of authorized shares of our common stock to 2,500,000,000, and correspondingly increase the number of authorized shares of all classes of our stock to 2,505,000,000 for the reasons discussed below. Our Existing Charter currently authorizes the issuance of 1,000,000,000 shares of common stock and 5,000,000 shares of preferred stock."
- SwellJoe 6mo ago
  Cocaine (or whatever their CEO is on) doesn't buy itself. Edit: Also, the fact that company leadership can get away with this kind of thing, fleecing retail investors for millions/billions of dollars, and face no consequences is...I dunno. I guess it's just normal now. Lawlessness, bribery, favors to the right politicians, lying without hesitation or remorse. People in media clutching their pearls over whatever the Gen Z kids are getting up to on TikTok while this shit is going on is just the icing on the cake.
- WJW 6mo ago
  I thought their stockholders were super into direct registration to trigger the "mother of all short squeezes" when (or so the conspiracy went anyway) all the evil hedge funds would have to buy back their alleged naked shorts for infinite money. That doesn't really play well with Gamestop putting 1.5 billion extra shares on the market, which is basically exactly the reverse of a short squeeze and would surely push down prices. Or was this a 2022 thing and Gamestop investors have moved on from diamond handing?
  - SwellJoe 6mo ago
    They're in an entirely alternate reality where those evil hedge funds did not fleece them for all they're worth. They got had, by GME insiders and by institutional investors. And, lots of people warned them, but they had belief and diamond hands. I hate that this shit goes unpunished. Though, I guess the apes got mad as hell at anyone that tried to talk them down, or did anything to slow the bleeding.
    - WJW 6mo ago
      > I hate that this shit goes unpunished. The apes did get punished though? And the hedge funds correctly took advantage of irrational behavior by other actors in the market. This is how price-finding in the markets is supposed to work, I can barely call that "evil".
      - SwellJoe 6mo ago
        No, I mean the GME insiders who made a bunch of money off the apes, pretending to be on their side. They may be gullible and ignorant about the market (and very annoying online), but it's shady as hell that GME leadership hasn't been forthright about the state of things.
tclancy 6mo ago
Someone call T. Boone Pickens and the Greenwash Boys!
matwood 6mo ago
GME had already acquired ~5% of Ebay shares ahead of the offer.
- deleted 6mo ago
  [deleted]
- sirbutters 6mo ago
  Why didn't Cohen buy 100% of eBay shares. What is he, stupid?
- kentm 6mo ago
  He actually didn't. The majority of that was in options. So he "controlled" 5% via derivatives but this is not the same as owning shares.
turtlesdown11 6mo ago
I hope this happens bc they can't even get financing so it would prolong the hilaritiy

Imustaskforhelp 6mo ago

"Half stock, half cash": https://www.youtube.com/watch?v=NxD-KGsvPI0 https://www.youtube.com/watch?v=NxD-KGsvPI0 (I couldn't believe myself at first seeing things like these happening and this clip in particular, how does one get millions of dollars for such an disastrously wild interview to me feels quite off to me)

SwellJoe 6mo ago
The fact that a guy like this can rise to the level of CEO making millions pretty much sums up everything wrong with the world. I don't think I would trust that guy to make a sandwich.
- Imustaskforhelp 6mo ago
  I would admit that when I had first heard the news (from hackernews) and read its comments, people gave multiple examples and convuluted examples on how this all makes sense and the financial aspects. I was left feeling impressed that perhaps gamestop might've been thinking something new. Then I watched the video. > I would trust that guy to make a sandwich. Don't worry, we are just trusting him with around a measly 11 billion dollars. This isn't even the worst part by the way, somehow the worst part to me feels like there are people who watched that interview and then somehow got even more convinced within this person/gamestop and publicly glaze him. To them, I have a question like, are we watching the same interview? How can anyone watch that interview and then consider it in any way positively or anything like that, like huh, have we watched the same interview? Perhaps some of us at first (like within that HN discussion) were/are trying to justify as if it is some massive brain effort by gamestop or anything and its a 5d chess move ,but to me, this interview showed me what the reality is actually.
  - flyingcircus3 6mo ago
    This is because the community around Gamestop is radicalized by the exact same grievance culture behind the MAGA movement. It even started conveniently in January of 2021, at a point of MAGA's seeming obsolescence. The adherents of this movement have already accepted the final result as guaranteed, and literally every piece of news the world over gets interpreted through the lens of this eventuality that Gamestock's stock price will explode, making them all millionaires and billionaires. Just like MAGA, the community is full of people whose main role is to delegitimize negative news, and reframe it all as instead proof that the mother of all short squeezes is imminent. Today is the perfect day to see this playing out on their subreddits.

boringg 6mo ago

I mean they make a good point -- ebay isn't a serious company anymore. It really needs someone with a vision to rebuild it. That its limping along and executives are essentially bleeding a previously valuable internet asset dry is kind of sad.

Scoundreller 6mo ago
The sad part is the offer primarily focussed on how eBay can cut costs when a lot of that spending is probably accretive. eBay’s biggest issue is their declining online shopping marketshare. They’ve gone from owning nearly the entire market to just losing it.
- SwellJoe 6mo ago
  They're doing a terrible job of preventing scams. Right now there are hundreds of listings for GPUs at too-good-to-be-true prices from sellers with 0 feedback or, worse, from old accounts with positive feedback that have obviously been taken over by scammers (all the feedback is from years ago and about unrelated products). Trust is what eBay brings to the table, when they cede that to scammers, they stop being useful...I can get scammed on TikTok any time I want.
  - croes 6mo ago
    Show me any platform that successfully prevented scam.
    - SwellJoe 6mo ago
      eBay ten years ago. (At least, much more effectively than now, where a large percentage of listings in some categories are scams.)
      - croes 6mo ago
        Just because they got worse doesn’t mean they were good. The reason why it’s worse now is that automation of the scammers got better, it was more of a manual job back then.

Apocryphon 6mo ago

Imagine if the Tesla/X empire went for GME next.

SwellJoe 6mo ago
Both are meme stocks, wildly overvalued according to any accounting of fundamentals, so I guess it'd be fitting.