Fitzzzy: Member McHenry, members of the committee. I am happy to discuss with the committee my purchases of GameStop shares and my discussions of their fair value on social media. It is true that my investment in that company multiplied in value many times. For that, I feel enormously fortunate. I also believe the current price of the shares demonstrates that I've been right about the company. A few things I am not. I am not a cat. I am not an institutional investor, nor am I a hedge fund. I do not have clients, and I do not provide personalized investment advice for fees or commissions. I'm just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis. I grew up in Brockton, Massachusetts. My family was not wealthy. My father was a truck driver, and my mom a registered nurse. I was one of three kids. And the first in my family to earn a four-year college degree when I graduated from Stonehill College in 2009. That was not a good time to be looking for a job. From 2010 to 2017, I worked at a few startup companies, but there were significant periods when I was unemployed. I took an interest in the stock market, and even though I had very little money, I used those times to educate myself and learn more about investing. 2019. After nearly two years unemployed, I accepted a marketing and financial education job at Mass Mutual. My wife Caroline and I were thrilled that I had an income and benefits. My job was to help develop financial education classes that advisors could present to prospective clients. I was not a stockbroker or a financial advisor. I did not talk to clients and I did not recommend stocks for them to buy. Before and after I joined Mass Mutual, I studied and followed stocks. One of those was GameStop. In early June of twenty nineteen, the price of GameStop stock declined below what I thought was its fair value. I invested in GameStop in 2019 and 2020 because, as I studied the company, I became more and more confident in my analysis. Two important factors, based entirely on publicly available information, gave me confidence that GameStop was undervalued. First, the market was underestimating the prospects of GameStop's legacy business and overestimating the likelihood of bankruptcy. I grew up playing video games and shopping at GameStop, and I plan to continue shopping there. GameStop stores still provide real value to consumers and reliable revenue for GameStop. Second, I believe that GameStop has the potential to reinvent itself as the ultimate destination for gamers within the rapidly growing two hundred million dollar gaming industry. GameStop has a unique opportunity to pivot toward a technology-driven business. By embracing the digital economy, GameStop may be able to find new revenue streams that vastly exceed the value of its business. I am hardly the only person who has advocated these points. When I wrote and spoke about GameStop in social media with other individual investors, our conversations were no different from people in a bar or in a golf course or at home talking or arguing about a stock. Hedge funds and other Wall Street firms have teams of analysts working together to compile research and analyze shares of companies. Individual investors do not have those resources. Social media platforms like Reddit, YouTube, and Twitter are leveling the playing field. The idea that I use social media to promote GameStop stock to unwitting investors and influence the market is preposterous. My post did not cause the movement of billions of dollars into GameStop shares. It is tragic that some people lost money and my heart goes out to them. But what happened in January just demonstrates again that investing in public securities is extremely risky. As I said earlier, I consider myself and my family fortunate with our investment. When the stock price broke twenty dollars in December, I knew my investment was a success. I was so happy to visit my family in Brockton for the holidays. The money will go such a long way for us. We had an incredibly difficult 2020. Most difficult was the tragic and unexpected loss of my sister Sarah in June. I am grateful to be in a position to give back to and support my family. As for what happened in January, others will have to explain it. It's alarming how little we know about the inner workings of the market. And I am thankful that this committee is examining what happened. I also want to say that I support retail investors' right to invest in what they want when they want. We support the right of individuals to send a message based on how they invest. As for me, I like the stock. I'm as bullish as I've ever been at a potential turnaround for GameStop, and I remain invested in the company. Testies, testes. One, two, three. Let's do this. All right, let's let's fucking go. I like that ⁓ the video you posted, by the way. All right. Let's fucking go. All right, three, two, one. Thanks everyone for checking out the show. I'm Sean Fitzy. I'm Magnificent. And this is the Echo Chamber. I went to bed feeling like we're gonna have another boring sideways week. Woke up to anything but that. GameStop has announced a equity for debt agreement and the chart fucking loves it. How's it going, Magnificent? It's going as as good as it can go. That was a surprise and ⁓ yeah, it's a lot to process. ⁓ we we've been through it and ⁓ just like Kitty's live stream ⁓ in twenty twenty four, we're kind of wearing the the neck brace, the sling, and just trying to wrap our head around it. So Thanks for having me on. This is gonna be a good discussion. Yeah, glad to have you here, bro. Good good ⁓ good time. I'm actually glad you know something something's going on. with the with the chart, I guess. I mean, maybe not the direction we wanted. The the chart did not love it, by the way. ⁓ I said before we got started. I said before we got started, I was laying in bed and I was like kinda like feeling pretty good. And it just didn't feel right. So I looked at the chart and looked at the Discord and I think strawberry was in there. Stra strawberry's an early riser. We're just fucking ⁓ fuck. What is going on? So so yeah, we'll ⁓ we'll start there, but I don't know. Do you wanna say hi to everyone first, Magnificit? ⁓ introduce yourself and maybe tell all the folks most most of the folks know ya. ⁓ most of the folks have known you from around the way. ⁓ but maybe tell everyone when you found GameStop and then we'll get going into the the big news. Yeah, sounds good. I appreciate that. ⁓ takes the steam out a little bit with how much we have to cover. So I'll keep it a little tight. ⁓ but yeah, nice to meet you all. Magnificit. ⁓ as far as my my GameStop story is concerned, you know, just thinking back to to 2020, ⁓ is pretty crazy because I wasn't really invested until 2024, but I still vividly remember everything that was going down. And my perspective, and I think what's important to think about When I think about these perspectives, because there's so many people that are outside of this that aren't just obsessed like we are, is I saw what was going on with GameStop, it squeezed, and my perspective was Reddit is doing this, all these Redditors are doing this. I didn't even really know too much about Run Kitty. And so my thought was like, well, they did this to AMC and like times were crazy. Like it was COVID, everyone's just stuck at home. So it kind of made sense. And I was looking for what's the next thing they're gonna blow up. And that's all I thought. I like, ⁓ I missed those ones. That's interesting. So I was I thought like Rolls Royce was gonna be the next one. And then I remember that. I remember that. ⁓ there's the Titsy Roll like RC tweet that made everyone think Rolls Royce as well. I remember some of that shit. Yeah, yeah, yeah. There's some good there's some real fun tin with his Twitter in twenty twenty one. I know you've dug all the way into Kitty's stuff, but I don't know if you've been through RCs back like back then. I have, but Yeah, I didn't get the it's funny because I only I didn't know back then, obviously. I was just combing Wall Street bets, like what's the next target? And I mean, I I was patient for like two weeks and then I moved on with my life. Yeah, yeah, yeah. But that's kind of where Magnificent started actually. you know, COVID, quarantine. Yeah. ⁓ it's an awesome name, by the way. It's fucking such a good name, bro. First thing I noticed when I met you was like, that's a fucking good ass handle. So good job. I appreciate that. It was like ⁓ it was like a list of nineteen names I was choosing from. Yeah. And it was for this ⁓ fantasy football podcast that I wanted to do with a buddy. Just stuck at home, had a newborn, and wanted to do this fantasy football podcast show. And my thought was I don't want to be like all these other shows. I don't want to be taken seriously. I just kind of want to bullshit and riff and talk about You know, who which players I like going into the week from like a daily fantasy sports spending perspective? Just keep it tight. Yeah. And my whole idea was you you'll kind of appreciate this. ⁓ my running joke when I worked in restaurants was like people would joke with you and say, ⁓ this food is awful, and I'd like awfully good or terrible and like terribly delicious. So I was trying to think of a word that kind of mixes something good and bad. Yeah. And anyway, Magnificit was on the list. It's perfect. ⁓ so yeah, I mean kept that going for a few years. ⁓ yeah, I noticed the podcast 'cause I think I met you probably right around it had to been like late twenty twenty four, maybe. Is that when we started like bullshitting? Does that seem about right? Yeah. Right? I remember seeing the podcast because I yeah, exactly. Because I was looking that's when I was getting ready to start the echo chamber and I was like flipping around and you know, there's not GME podcast out there. So I but I found you. I knew you were a GME guy and I found your podcast. And you got you got a voice, you got a voice for radio, bro. Like you sound smooth. I fucking love it. So thank you. Yeah, just appreciate that. Seeing someone else out there definitely ⁓ inspired me to get pushing forward too. So ⁓ I thought that was cool that you had that platform ⁓ originally. So go ahead. Sorry. I yeah, I was so relieved that you started Echo Chamber because I didn't know what the hell I was talking about. I was brand new to everything. And it all started with ⁓ Roaring Kitty's live stream. I like randomly caught it that it was going to happen. And it was the day of, and I was talking to coworker. I'm like, I kinda wanna check this out. And it was fascinating to me, but I'm like kind of the same perspective, like, ⁓ this is done, whatever. And then I realized he posted all these memes and I got curious and then It's like entertaining at first, and you know how that goes. Like, wait a second, there's some meaning to this, or it could mean this other thing, and then it became this like sub like puzzle I was trying to solve, like the Da Vinci code. And I thought, wow, this is fascinating. And I got hooked hard, man. It's all tinfoil. I got hooked into the I think what was convenient, it part of like there's so many theories and different, I guess, narratives in the subculture. Where it's like the ⁓ stock market is corrupt. You can't trust it. And that was an easy thing for me to fall into. Yeah. And to say, screw the stock market, Run Kitty's got this figured out, and I'm gonna try to figure out his plan. Yeah. Yeah. And then well, we'll get into the tinfull that that spawned from from all of that. So okay, so you you you came in after the live stream is is kind of when you you bought in. Nice. Yeah. So what what I was like at least you didn't buy like eighty, bro. Yeah, you know, 'cause I definitely bought some up there too. I I fucking always buy tops. but yeah, no, that's that's a pretty good time ⁓ after the offering to be like, okay, you know, you didn't get caught up in the crazy hype pre kidney. ⁓ man, yeah, you feel brilliant when you catch those moments and then here we are fast forward two years in the same spot. I know. But it's just kind of interesting, like I had no experience on Reddit and got kind of motivated by getting karma to post some super stunk and all this stuff. And then kind of like you, I'm like, God, I need I need to talk to somebody about this 'cause nobody in my personal life will. And yeah, I just had this idea of ⁓ get Magnificent going again and just start talking about GameStop. And that's kind of what got me to X 'cause you can't really find people on Reddit to want to go talk on a podcast with you. Yeah, I know. No. I don't know if you want them either. I mean, no, no, no. But ⁓ but holy shit, that's I mean, I had like six episodes and then I posted on X, like, hey, like I want to talk to people, and I just thought it was gonna be this happy go lucky lucky, friendly conversation, like, Who are you? What's your story? Cool that we're investing in this, whatever. The first person to reach out was always sad but truthful in X and If anybody knows who that is, he is deep. He is deep in the data. ⁓ yeah. And I went from knowing zero about stock markets and GameStop in general to learning three words that like completely changed my life, which I'd say swaps, synthetics, and ⁓ psyops. Like the whole thing was like, what the fuck? And I didn't prep, and I just got completely steamrolled by this entire conversation. And It's like one of two moments I remember this journey where it like, holy paranoia. Like, is this worth it? I don't even want to do this anymore. And then I had a moment where I'm like, whatever, I'll just delete everything and ⁓ rebuild with like a VPN on. So I deleted like twenty five thousand worth of karma on ⁓ Reddit posts and all this crazy stuff. Super, super paranoid. Yeah. Yeah. ⁓ but yeah, and then I just kind of come full circle like I do. I'm like, ⁓ what? Yeah. Let's just get back into it. And then yeah, you did your podcast. I was relieved because I was not cut out for it. I was super pumped when you invited me into Echo Chamber because then I had this platform where I could BS with everybody that was locked into the stock. Yeah. And what's great about your community too is I mean, it's the the stereotype of who GM GME investors are is not the type of crowd that's in your Discord. You know, like It's it's what I appreciate about these people. They're actually you look at the D D, you see how these people talk about the investment, and there's way more to it than it's a meme stock and all this other bullshit that I ⁓ like was my understanding going into everything. So Yeah, like days like today I I make my the Discord amazing. you know, it's it's a little tough for down thirteen percent, twenty nine million, I saw that Adam, that's fucking wild. Almost thirty million volume. ⁓ yeah. That's a lot. ⁓ but you know, like you wake up and first thing you're like, What the fuck's going on? I could imagine trying to tr try to like parse this out on X with some of the folks out there. I'd it I'm I'm very appreciative of the group in the echo chamber and kind of talking our way through this and trying to figure it out and we'll We'll we'll probably get into that pretty pretty quick here. So yeah, you've ⁓ you still are working on a show now. I do like w I like talking ⁓ shop a little bit and you're probably one of the only audio video guys that I know. You work on a show on YouTube. How's that going for you? It's going good, and that's I mean, the birth of that too was kind of this whole journey where I didn't know anything about the stock market. I was just invested in this plan and ⁓ want to see how everything would unfold with Warren Kitty. And then part of my research was I have to watch all of his live streams. Like who the hell is this guy? How does he think? And that's over 300 hours across like sixty-four live streams, which was grueling. But holy shit, it completely changed my perspective on everything. Like he has pretty deep experience. He started in fintech ⁓ with some software. He had like a bunch of demos that he wa recorded on this website that I found. But He knows a shit. He was investing for a decade at the time of his live stream. ⁓ yeah. And I mean, has a really sound process for investing. And he was heavily diversified at that point. He had a great track record that he spoke to. And it just kind of fueled this new appetite that I formed for understanding what the hell does all this mean. So I went from screw the stock market to okay, now I actually want to learn everything as much as possible. So it started And then and then it's back to screw the stock market, right? Like once you once you learn how fucking terrible it is, Jesus Christ, man. Like I was I'm just like you. I I just I started with the same process, but it was twenty twenty one for me. And you know, it was RC's tweets and then the the February twenty fourth twenty twenty one run that just like set it all off for me 'cause like I thought we were done, right? Like I'd been buying the whole way down, but I was told we were done and the motherfucker ran hundreds of percent again. And then we had and then we had the May cycle. ⁓ and then so the cycles, especially then August, like the cycles became very evident and all of that just set off all the the shit that I like, you know, like there's a puzzle here. ⁓ RC's giving us hints. You know, I wasn't as big of a kiddy guy until twenty twenty four happened. I wasn't pre twenty twenty I I wasn't any like I wasn't part of Wall Street Bets. I I was on Reddit, but I got into soup you know, after January twentieth 'cause I buy tops. So I You know, I was up there in the three hundreds and shit. But ⁓ it's the same thing for me, is like there's the puzzle here. There is definitely a hidden position. The the cycles are still here. They're s they're real as fuck and there's something causing ⁓ So like ⁓ you know, didn't think I'd be here six years later, so trying to figure it out. I don't know what I thought actually, but like it's been such a fucking a journey. I I I said it somewhere else too. Like we no one most of us didn't know shit about the market or How it really works before we got into it. And, you know, early guys have have now learned about NFTs and Bitcoin and like L2, fucking crypto, and now it's Pokemon and and Power Packs and fucking deals. Like I'm I'm we're about to talk about it right now, but it's just so much shit that we're trying to pick up as we go. It's pretty cool, actually. So all right. ⁓ well glad you're here, bro. Let's get into the show because we got a lot to try to cover. ⁓ long time Come in, I I love we have a lot in common what when it comes to shit that we find interesting. Like Roaring Kitty's one of them too. So I was sitting I was sitting here thinking I don't know, dumb random shit about his meme movie. Cause that's that's kind of stuff that we do. And I was like, man, we I wanna get I wanna talk I wanna talk about fucking kitty. It's been a while and I was like, I should fucking hit up Magnificent. And here we are. So it happened. It happened. All right. ⁓ so Big news of the day. So we'll get this and we're we'll kinda update the eBay position here. We'll probably just like go into the chart and then we'll ⁓ take a break and we'll come back and talk roaring kitty. Does that sound okay? Let's do it. All right. Excuse me. Let me get a little coffee. All right. So big news this morning. GameStop Corporation announced that it has agreed to exchange approximately one point four billion aggregate principal amount of its outstanding convertible senior notes for shares of its, yeah. Okay. So for shares. ⁓ so it's approximately one point four billion of the convertible notes, four hundred million of the twenty thirty notes, and then one billion of the twenty thirty two notes. ⁓ Exchange debt will be canceled, no cash used, no cash proceeds. So it's all shares. remaining debt. So we're gonna have one point one billion due in twenty tw twenty thirty still and then one point seven billion due in twenty thirty two. So that's two point eight billion of the the debts due. And we'll talk about the convertibles due. talk about prices here. Just trying to see what the ⁓ 'Cause I mean, twenty nine dollars is pretty interesting. There's a lot of interesting stuff. Like, you know, I ti I I titled this stream What Do an RC. I just changed it because like, you know, we didn't need to do any of this right now. So kind of trying to figure out what it is. It does reduce the outstanding long term debt by approximately one third. ⁓ and then so the exact number of shares has not been determined. It's gonna run 35 days and it's gonna do like a it's a view up average price, which that's crazy too. So ⁓ I don't know initial thoughts and then we can kind of like talk about a few parts of it. What how how'd you what you what are your initial thoughts there? Yeah, excuse me. I think ⁓ what's key is retiring the debt. So you're retiring one point four billion in debt for equity and the timing is perfect when you Consider eBay acquired Depop last week for 1.4 billion. It was 1.2 billion plus 200 million in interest. So it's like a complete one for one. ⁓ so eBay lost 1.4 billion in cash. Yeah, I mean they gained a company, but ⁓ GameStop here reduces 1.4 billion in debt. So I think that's extremely important when you think about their offer, GameStop's offer for eBay. ⁓ and the consideration where they I'm calculating roughly another eighteen billion in funds needed to raise enough cash for the half cash portion. And that would come from T D and it's a highly confident letter, but it also has a ⁓ what's the word? It basically they they have to have an investment grade rating from two different agencies. And the the net debt ⁓ at the end of this combined equity plays a huge factor into that. So when eBay acquired Dpop last week, that impacts that. It it has a ⁓ an impact on their their credit rating, essentially. So they they kept the math basically the way I view this, with that one for one. Okay, they lost ⁓ 1.4 billion in cash. That messes up our models and how we are planning to approach this eBay acquisition. So we'll just take out 1.4, we'll retire 1.4 billion in debt ⁓ on our side. So I think that's what this is about. The timing in the amount is just too perfect. Yeah. Yeah. No, I hear you there. The timing is is good when it comes to that. like I said, it so it's you know, we didn't have to do there's a couple things we didn't have to do right now that we did. I put a tweet out about it too. I just put up call premium so anyone following along. Or three million and three point four million in the hole today. Call sold, so geez. Ugh. All right. ⁓ Wow. You know, I yeah, I didn't I'm glad I didn't have yeah, I V's way up too though. ⁓ But yeah, it's true. It's ⁓ thirteen point three three percent. It's an ass whooping, but you know, I like to say it's always ⁓ dippiest before it's the rippyest. So ⁓ the thirty five days is kinda wild. Like I don't know if that's ⁓ well, I don't think it's standard. Again, you know, or GME people, I'm not an expert on no other things like this, but everything I've seen and experienced is you know, it's like a not This long at all, maybe a couple days, I think is how it used to be for the other two bonds. ⁓ so that's that's that's definitely different. And it's 35 trading days, and a fucking lot can happen in 35 trading days. So the average and it's not exact, so don't don't get me wrong, but I the average price that ⁓ for these bonds was was around $29. So, you know, ⁓ trading at $18.90. just to be straight up, if if we do this now, like say at this price and and we just hold around under twenty for the next thirty five days, ⁓ that's taken a bit of a beating on those bonds just to to be straight up. so you think well, so but okay. I don't know. Yeah. Go ahead. Well, yeah, I can kind of math it too. And one thing I saw you post about this too. The other part of the the T plus thirty-five VWAP is ⁓ there's an undisclosed floor with that. They didn't disclose the floor in the in the release. Yeah. So that'll be very interesting too. But essentially if you look this is kind of how I was modeling it before this. So eBay has or we'll say right before the the D pop acquisition. They had six point seven billion of debt. against 5.1 billion of cash and non-equity investments. So their net debt was 1.6 billion. So when they acquired Dpop, take that away from the the cash side of things, now their net debt is 3 billion. So if you think about how that factors into the the post-close net debt, it was ⁓ 23 billion before all this. So now it basically stays 23 billion ⁓ when you remove the cash from the eBay side and remove the debt from the GameStop side, and it becomes roughly 4.6x ⁓ leverage on five billion dollars worth of EBITDA. That's kind of how it maps out. Okay. So that 4.6x is really what these ⁓ agencies look at to determine investment grade. And 4.6x is still a little high. You'd like to have that a little bit lower. To get the investment grade rating. I've seen a precedent for the 4.6x still getting it, but ⁓ there's also precedent for not getting the the rating. So I that's what I I'm hyper focused on when I see all of this. But the other thing too, like you're kind of saying, the T plus 35 does seem unusual. I'd have to confirm that, but ultimately this is a long window where the higher GME trades, the the less dilutive it is. So it's I think you have to just come out swinging if you're on the Ryan Cohen side of things. Drop any c catalysts you have to reduce as much dilution as much as possible going into this acquisition. Yeah. Yes. So okay. So yeah, the the share floor, I highlighted it here just a second ago too. Let me put that back up. ⁓ share this tab instead. So the number of shares of common stock issued. Issuable in the exchange will be based in part on the average volume weighted average price of the common stock. So that's the VWAP over 35 consecutive trading days, beginning today, subject to a per share price floor. That's pretty important, by the way. I wanna know what that is. ⁓ because, you know, like I was saying, twenty-nine dollars is is what ⁓ these are sold at. So so if I'm him Well, I don't know. I don't know how it it all just depends on why, right? Like that's that's the reason why. Or the other big ⁓ you know, extenuating fac factor is what's the price gonna be, ⁓ over those next thirty five days. So that could like ⁓ change things, but I pr you know, we're all fucking pissed off at eighteen, but what if the floor is twenty five? What if they say, Okay, we're not gonna do this, ⁓ unless we can do ⁓ for twenty five, which still would be a loss and and seems like ⁓ sense of urgent sense of urgency that we don't necessarily need right now unless he's got something else ⁓ cooking that, you know, either he needs the debt gone right now for, I don't know, private equity kind of thing, maybe. I'm not sure, or I who knows, but Yeah. Yeah. Yeah. I'm still I I still lean towards it being part of that net debt ⁓ calculation as far as the investment grade rating. But I think you bring up a good point too with ⁓ I was just looking at this 2030 notes, the equivalent was right like you said, twenty nine eighty to five per share, and then the twenty thirty-two notes twenty eight ninety-one per share. So if you think about this removed when you come closer to term. If GME is trading well above that, then they would want the equity, right? Because it's more valuable than the cash. If it's trading below that, then they just want the cash back. So for the steel to shake out where they get the equity, here we are, sub nineteen. it's gotta be appealing for them to have equity right now. So I'll go tinfoil with it for a little bit, ⁓ because you know the other thing that we did was ⁓ we converted our eBay put put call pairs early. that we didn't need to do. I mean, we didn't need those shares. If it's unless he need wants to use them to vote, we could have we could have held on to that. I think we took a bit of a hit when it came to the premium by converting early as well. So so, you know, July seventeenth was when we did those. Just, you know, if he wanted them to vote with, he would need to have ⁓ thirty days prior. So that would be around like August seventeenth, I think. The f the Monday before OPEX. So just tinfoil wise, I've I my theory has kind of been that Ryan Cohen is playing the cycles. He ⁓ the ones that we have, he seems to ⁓ play into them. Like January, you saw it. When he bought his shares twice in the really big, really big, big news. You know, we had a January cycle and and he helped that. you know, everyone likes to think he rugs us a lot. And we do get some rugs from the guy. Today doesn't count. Well, maybe this is a big SL off. But he does work our cycles and and you know, the May cycle being gone. I'm not sure necessarily that we missed our May cycle. I think they might have just ran that shit right early. But we got all our eBay news here in in April to May. Cycles aren't as big as they used to be, but news is coming into the cycles. And then one of our biggest cycles traditionally is August OPEX settlement. So let me let me get rid of these guys. Yeah, and while while you look that up, ⁓ the May OPEX to Q one earnings cycle was like undefeated massive run since twenty twenty. Yeah. And it was starting there and then yeah, what May second or third is like Yeah, Bury. Bury happened is what happened right there. May May That Friday was the top of it. And then over the weekend Bury came out and and shit on us. So we still had a decent move right here at like a couple of days after. I think RC gave some some more news. But yeah, like we were going and but you know, cycles end they they dumped a lot of volume on that day too. I it was like forty million. Kind of close to today now. So ⁓ felt like a cycle and everything that happened in April from April OPEX through to then was was pretty nice. So ⁓ but in terms of August OPEX settlement, just kind of I have them marked off here. Let me turn off my gaps. Sorry. ⁓ all right. So you know, 2025, I say August OPEX, but it's you know the the end of August, early September, 2024, we had a 25% move. 2023, we moved 20%. Even in shitty ass 2023. ⁓ we had 2022 was wild. That was RC and then BBBY, but we moved 49%, and that was early August, by the way. ⁓ and then we had a September move as well of 26%. And then 2021, that was like one of the coolest August cycles because we were actually kind of ready for it. ⁓ I was falling girking it at the time. August and November. Those two cycles though, they printed pretty good. But if you played the second half of November, you got rocked. That's St. Freg's Day for anyone that was around then. So this is a very good cycle. ⁓ you know, not as good as May had been, and May had been like undefeated, and we're not sure that we got one. We got something. We got something, but it wasn't what we had been seeing in May. So I say that because like don't count on anything. All price action is tinfold. But to to go back to my original thing is I think RSC has been playing the cycles, and our next cycle is the the post-August OPEC cycle. So like August OPEC settlement, which would be what, the 20? OPEX is the 21st for this month. So settlement would be the 24th, right around there, ⁓ which would be 30 days from when the eBay shares were converted and would put us like smack in the middle of whatever's going on with this ⁓ debt for equity exchange. So if RC is playing the cycles and RC Is expecting something to happen after August OPEX and that you know, between August OPEX settlement and maybe earnings. you know, that will significantly help the eBay position. But it if he if he did this as well, it would significantly help that position. So it'd be like a ⁓ two birds, one stone kind of thing. If he if he's expecting a move, you know, how else can I how else can I capitalize on this move that I know is coming? ⁓ let me try to get rid of some of this debt while we're at it. ⁓ so I don't know. That's all tenfold because you know we've been talking about moves since you know, June last year when the bonds first well, the second bond happened. ⁓ but you know, we got the warrants out there too. He has reasons to get us moving soon, like lots of reasons, like it's it would seem, right? Yeah, I I think that's fair because there's a lot I mean I I see some major catalysts that I hope he has in his in his back pocket, but I see a lot of incentive for a well timed catalyst. Cause to your point, if he does that too early and it takes away the steam of this catalyst and ⁓ you know lowers GME's upside potential, then it does a couple things where it doesn't make GME look as strong as ⁓ an acquire of eBay. But then also if we get closer to the warrant expiration. it reduces that chance of sustained price discovery well above that thirty two dollar strike. So it's kind of threading this needle if there's something crazy behind the screen scenes like swap expiration that he's trying to play with with ⁓ yeah really his like his ultimate like hammer he wants to drop for a major catalyst to return this or reverse this rather. Yeah. So I don't know. Like I'm not I I've been we've been burnt on all these things before. So ⁓ but I'm you know, my original thing has been that I think that he's timing it for this that part of the year. And and everything that happened today would only benefit if that's what was going on. So I don't know, that's kinda where I am with it. Let's see. I don't know, you got anything else about this? Any any additional thoughts? I mean the price action sucks, bro. I mean, I get it. We haven't been down here. We haven't been down here in fucking since when it was kitty, August what? Let me see. August sixth was the low well, yeah, it was before that actually too. It would be like May twenty yeah, so like the very end of the first offering was the last time we were down here in twenty twenty four. So yeah, you know, felt like twenty might hold, but ⁓ there had been as as with any catalyst that would send us up, we're we're right by the lows, so some c catalyst could send us down as well. But Any any additional thoughts here? What you think? Yeah, I I think it's setting the foundation. So getting the nine point eight percent ownership and in eBay, it it matters a lot for the official tender offer because right now like the original offer to eBay was five fifty five point five billion ⁓ half cash off stock. ⁓ that never gets tiring to say. But w where where can you find that? On the website, my man. I wasn't sure. Thanks for that, T Ball. ⁓ so when you think about them owning 9.8%, at that headline 125, it removes like five, five point five billion from it. So essentially now it's ⁓ 125 for like a $50 billion offer, basically. So if they're writing up that offer, it's just part of the details. They need to make it clean. And there's been other precedents too. That I was digging into with Bill Ackman's ⁓ Pershing's Valent, or I can't I don't know how to pronounce that. It's like minimal prep this morning. But they did essentially the same thing. They did ⁓ a stock consideration and a cash consideration. I think they were the largest company acquiring, so things were way different. But they also got 9.7% ownership, and I think you know, didn't get the you're talking about like Basically sacrificing the premium that you could have made just selling those ⁓ derivatives. Yeah. But like maybe there's a consideration too, like you're realizing gain, so then there's a tax consideration. Who knows? Either way, the goal is to own X percent of the the company you're trying to acquire. Yeah. So we can go ahead, sorry. Yeah. Go ahead. No, I was just saying we can just kind of move into the eBay position update. That was kind of the next topic that I had anyway. Yeah. eBay got rocked, by the way. It's getting rocked. And it's not because, well, I don't know. We they don't own GME, so but ⁓ they're down five percent. I think they had a credit rating change randomly somewhere. They got ⁓ something. Yeah, Wells Fargo downgraded him. Yeah, there you go. Yeah. Weird, right? Like weird time how that shit happens, huh? sorry eBay, welcome to to RC's life. RC's world, I don't know what it is. Fucking crazy amusement park where When we when RC buys you, you just get fucked up. What's up, Hearts We Lose, Tales They Win. Yeah. ⁓ what's up, Snake three fifteen? You love it. He loves this price action. He's been here since twenty twenty one. He's here for the long haul. Good to see you, bro. Dennis just Yeah, long names. I'm so bad with that. Dennis just bought three more shares. Let's fucking go, Dennis. Let's fucking go. We're at I'm looking at eBay. I'm like, we're at 107. Holy shit. 1891 now. I do like, I got I I got I have dry powder ready to go for some calls. I mean, fuck. 1291. SSR guys, by the way. Woohoo! See, do I got and do I got ⁓ any cool celebration noises? ⁓ Yeah I got It's been a while since I've heard that. I also have I have a little bit of Let me talk to Fitzy. Jesus Yeah, that's just crush. Me and Fitzy are like best friends now. Yeah. ⁓ that's okay. Yeah, I need I need to upload more ⁓ audio, but yeah, we're best friends. Little bit a little bit here, guys. Alright, if I had I didn't realize the slur in that until it was isolated. Yeah, bro. It's like that's his accent is is a fucking slur. ⁓ may have fits there. I won't, I won't. I love that audio though, bro, because it's like hold on. Fitchy. Pitchy. Pitchy. Pitchy. ⁓ god. Pitchy. ⁓ it's almost that. Bitsy. ⁓ my god. That's what he says. So good. He did he went on PP seeds. ⁓ I'll just I'll just talk about it here real quick. Yeah, he might be a co host now. Yeah, it seems like it. And that was riveting. I I sort of got I you know, whatever. I d I talk shit. like I thought maybe I'd like to get him on, but you know, he says a lot of shit that I don't just like, you know, that the red pill kind of out I don't agree. I got three daughters, you know. Like a lot of the way he talks about women and shit, I just don't need that. I don't want my daughters w listening to my show and hearing me be a part or accepting of anything like that. So I'd have a hard time bringing him on, but you know, PBC is the perfect person to bring him on. He'll kiss his ass all day long. ⁓ and he got him to just talking about kitty. So, you know, you'll never probably hear me say this again, but you should definitely go watch that ⁓ PBC's live stream. The endorsement you n thought you'd never hear. Yeah, it was fucking good though. ⁓ Because, you know, when he get got to talking, he said all kinds of interesting shit about Kitty. yeah. He's a and then, you know, he he might say some negative stuff about his brother, but everything he ever tells story wise makes Kitty just sound like the greatest person. He bought his friends cars, like ⁓ he went over to Kevin's house. This was the coolest thing to me, I thought, was he went over to Kevin's apartment in twenty twenty four, the day before he bought the shares and was like talking to him for eight hours. That was pretty fucking interesting shit. So Yeah. Yeah. ⁓ yeah. He does that's the thing though. Like there's sound bites on both sides where he'll say some really cool Run Kitty stories, and that's like the insight I want to hear out of him. Yeah. But then like the other side of him when he's in an environment where he feels attacked or he's on who knows what. Or ⁓ you know, like a lot of that like anger comes out. He was talking He's I mean, you think about these other sound bites he's had about Run Kitty, and it's like my parents live in a rat infested house and you would neglect us and you're you're half a billionaire or whatever. So I don't know, you get the good with the bad. But if you're a pee pee and you have similar humor, ⁓ this drives down quite a bit. Yeah. So I was interesting. And I do want to address that he Pee-Pee said That I ⁓ have a problem with BBBY shareholders because that's why he's blocked. Because he I blocked PP. ⁓ it has nothing to do with BBBY. I actually have some pretty cool friends that are BBBY shareholders. there's some really cool people in that community. I don't like the fucking grifting that goes on, and I cannot on my Twitter feed stand the constant we ones and and and it's just like breaking and it's like I think I I just can't handle that. And the X Market News guy, like. It's just nonstop from those two accounts. So I had to get it. I'll just do I a lot of the times I block just to get shit out of my time timeline because I can't. It just frustrates me when I see dumb shit like that a lot. So well, yeah, it gets a little exhausting too from like the perspective of I actually want to know what the hell went down because there's a lot of crazy things involved with that whole story. But it always starts from a place of here's the theory and the you know, like Here's what's gonna happen, we're gonna be so rich and you're dumb, they don't understand us, blah blah blah. I'm like, can can someone just like back up, like pull yourself out of all the years of tinfoil and just please tell me like the sequence of events that happened beyond the stor just so I can better understand. But I don't know. I just don't really kind of get that type of welcome usually. No. All right. So I'll I'll move on for the bargain puppy shit. But I did just, you know, I I did want to address it. Cause that's not cool, man. I don't I don't definitely want to see BBBY shareholders fucking fail and I don't hate ⁓ That's that's ridiculous. It's ridiculous. I want everyone in in the community to succeed. I don't like crazy shit. But anyways, we'll move on because I'll get I'll get bogged down again. Well well to one last note on that, how you started the show, ⁓ the freaking kitty talking to the whatever. I can't even think of the formal name of his ⁓ testimony. But ⁓ yeah he he talked about how retail is at an extreme disadvantage and how like the the least we can do is kind of work together and cover a broad range of topics and look at the data because all these institutions or hedge funds, all these other funds have huge teams. They have Aladdin, they have like all sorts of things that are just like We're just at a such a huge disadvantage. So yeah, I mean the more retail can stop fighting each other, I think ultimately the better. Yeah, I agree. Yes. We need we we're building on some healing there. We've been trying. I'm I'm hanging out on the Tardwin spaces with some of those guys and shit. So that's cool. ⁓ maybe steps. I was trying to find the slip up. I was trying to find the slip up from CMBC. I don't know if I posted that. So let me because I found that pretty interesting. ⁓ we can just kind of talk about a little bit about the eBay deal. So see if I could find that. Yeah, here it is. Let me Liz by the way. On this GameStop offer, but I bought it before the game ⁓ Jim. eBay, you know, for the last couple of months it's been whipsawed a lot on this GameStop offer, but I bought it before the GameStop offer because I think the fundamentals are intact. I think actually the GameStop offer may happen, but obviously it's been Well, they have a new offer now. I mean this this stripe private equity thing, right? Wasn't that the new I actually I haven't haven't heard what you said, but okay. Insight. insight. Yeah. I don't know. ⁓ I mean It's interesting, right? Like you gotta you gotta ⁓ you gotta take into account that they're all fucking idiots. and they're mainstream media and they're specifically C N B C so you know, R C and us. Do you know what it reminds me of? Have you seen I don't know if you've seen this, but Randy Moss when he was a rookie, I think he was buying a car and somebody comes up with a camera on him. You paying for that with the check. How you doing it? And he just goes, straight cash, homie. ⁓ no. I straight straight private equity, homie. Yeah, I like that. So so that that was interesting. It it came up with I like that quote by the way. I might have to find that. Add that straight cash, homie. Cause that might be what it's about. Like, ⁓ you know, it could be it could be that ⁓ it's a competitor, by the way. Just to get that out there. Yeah, yeah. And honestly, like the more I think about it, I feel like that. Kind of feels like the content. You can interpret it either way, but it does kind of sound like this guy's all smug. He's talking about eBay's a good investment. I like their fundamentals. I even like them before GameStop's offer. And they might still whatever, but he's like really talking about eBay. And then this guy says they have a new offer. Like eBay has a new offer, is how I kind of interpret it a little bit more than I interpret it like GameStop has a new offer for eBay. So it could be a competing bid, which would be. Really interesting. ⁓ 'cause then you have to think about the competition. It'd have to be a stronger offer than what GameStop already put down. So I don't know, like one thirty a share all cash, homie. Who knows? Yeah. I mean, yeah, he was asked over and over again by I forget now so many interviews, the one we just had, but like if he's gonna compete against himself basically, but maybe he's got some c you know, maybe he has competition now. I mean it could be I'm trying to find so goat beards. Let me see. I'll share this tab. Goat beards shared. He has some pretty good stuff, guys. Let's get a little follow. ⁓ but he shared an article from UAE, which was basically which was basically like out of UAE, which was basically like saying, and this is an older article, like by a month or so, but it was all just like cash. And that's how they were reporting it like from the very beginning. So I just found that interesting because ⁓ the whole Sans of Time thing from Ryan Cohen. I think I took a message out. Let me let me do that. Because there's been not very good at surging my pro Yeah, I sa I saw that too. And I think what we knew Ryan said, I I forgot where it was, but essentially there were discussions with sovereign wealth funds. Yeah. Well, so R C didn't say that, just to be clear, RC did not say that. ⁓ It was in a file it was in the filing, wasn't it? The Wall Street the Wall Street Journal ⁓ article about that ⁓ heavily implied it that that she had heard from people in the know that R C was yeah. So like it had not come from him, but he has never denied it and it's definitely a possibility. ⁓ so you know, I don't know. I don't know. I won't go into the Sultan shit who is now offering fifty dollars a month, by the way. He's gonna it's gonna this is a funny gift, by the way. Or meme, by the way. ⁓ anyways. ⁓ yeah. I think at least we could say there's been discussions, most likely. Yeah. Yeah, who knows? Who knows? And could be I'm sorry, I'm like getting caught up trying to find. ⁓ It was actually an exciting kinda last couple days. On the weekend it'd been pretty quiet. All right, well I'm gonna give up this one. Anyway, so I mean, it could be private equity, it could be ⁓ a UAE thing, like it could be ⁓ 'cause that's what that quote was that he r he replied to was about the UAE. This is Ryan Cohen replied to a tweet in January twenty twenty five, I think is what it was. the future or something like that. ⁓ so, anyways, I don't know. I just found that interesting. Private equity would be interesting. I don't I don't know. I'm not like an expert on all these finer details when it comes to this, but maybe that could be Yeah, I g I guess the comparison would be you're either borrowing from T D or you have a a partner in the acquisition. So the trade-off would have to be more appealing than borrowing from T D at whatever percent interest rate. Yeah. Okay. All right. So can I well I guess the the other thing too is it would I mean if they're borrowing less and they have outside funds like that, it would increase the the chances of the investment grade rating too, 'cause I suppose that factors in. Yeah, I don't I don't I don't know. so I like I said it's all like me and Chad G V D have been working hard. Like steam steam coming out of my phone trying to understand. All this shit. So just kind of where we are currently, we still have nine point eight five percent of of eBay. We own forty three million three hundred and ninety thousand three hundred and eighty-three shares directly. ⁓ it's at about one ⁓ one, I think, for the most part. eBay is sitting right now at one ⁓ eight two six, but our close of quarter was Friday. And We closed the quarter out at 114.05. So that's pretty sweet because Q1 eBay closed at 104, which was right here, 104.07. That was a close of RQ one. So everything from then, and I don't know. There's gonna be some different math when it comes to you know, the The put call pairs versus owning the shares and the conversion and I'm not gonna be able to tell you, you know, exactly whatever, but it up nine point five five percent from on our position from Q one to Q two. So that should be pretty good for earnings. ⁓ I was actually pretty surprised that they didn't kick our ass going into the close of the quarter for us. ⁓ So yeah, I don't know. It feels like the quarter end was a pretty significant milestone. It seems like we get this news. I forget who it was in New Snake. I think you're saying that. What's up, bro? You're saying that in the Discord. Someone was saying in the Discord, like, ⁓ you know, at the end of Q, we got we get we're getting news at the end of every quarter now. ⁓ like the eBay news first came out at the end of ⁓ Q1 financials, and now this news is coming out at the end of Q2 financials. So it feels like the the quarters are are pretty important or the timing of that with earnings. ⁓ now that the quarter is over, we'll just keep plowing through. Now that quarter is over, we can do earnings. I think it, you know, about the earliest we can do this would be two weeks. ⁓ so like going before today, I thought it might be something like ⁓ early earnings, maybe the Friday of OPEC. No, that's not a Friday. Maybe the The Tuesday after OPEX, ⁓ maybe some really good bullish news. I know we sold France. ⁓ so I think that money might be in there too. We got a full quarter of power packs numbers. We're up 10% on a massive eBay position. ⁓ setting up for a really large quarter. And you know, wouldn't it be great if he like blew out those the expectations that he gave us, the forward guidance? Like, well, I wonder what it would take. Like 150 million, maybe? What would it take? I think to anyways, if we could beat the guidance that we had laid out, which was still massive, it could be all kinds of like really good news for an early earnings. So that's all possible now. ⁓ we are in blackout windows for sh insiders to buy, I think with probably because of everything else is going on too, but just before today, we were starting our blackout windows. I think the buyback blackout was starting as well. And I know there's controversy on whether or not we could have been doing buybacks with the eBay deal, whether or not it's material, but I'm gonna I'm gonna just pretend like it was allowed. We'll see. It wouldn't have been I mean, I think Bartuk said it would have it could have been eight hundred million dollars worth given the whole like twenty five percent max and all the different safe harbor laws. So Damn. Yeah. Could have been a lot of money. I'd say I mean Optimistic for earnings like I always am. ⁓ no reason not to be, from what I've seen though. And ultimately it's the financial clarity, Q twos in the books. So that impacts their offer structure and the details we can see in a a detailed presentation or formal tender offers. So it's just I think it's a missing piece for what we need for the next step. And probably the same for eBay's earnings on the fifth. When is that? When's yeah, there you that's coming too. Yeah. Which I I was kind of looking at the consensus for that. And it's it looks like they it's pretty optimistic. They have them on the higher end of most forecasts. They're I guess the expectations are a buck fifty adjusted EPS and three billion in revenue for their quarter. So who knows how that will shake out. But yeah, if they suck and have like a double miss, hold on for dear life. Yeah. I mean the lower it is f lower eBay is, I guess it hurts our numbers, but I really don't feel like I don't know, man. Like none of this shit seems to affect the price. eBay going up doesn't, eBay going down doesn't. It's you know, this news of I don't know. And I mean I I feel like one day we might ⁓ de hedge for once. I mean, we've already hedged these fucking bonds, but ⁓ feel like we're we're hedging again. So ⁓ why always hedge when de hedge? That's what I want. ⁓ All right. So just real quick, so the position wise fifteen percent is, you know, Delaware two ⁓ three. ⁓ so that's kind of the the big line in the sand. There could be an offer still loading, I guess. I I'd asked. Doesn't seem like, you know, what's going on with this ⁓ debt for equity isn't doesn't make, you know, the the eBay offer hold up at all. Like we can still be moving forward. He could still put together a TO. So, you know, the forthcoming could eventually come forth. Yeah. So, you know, always. Yeah. So I mean that's all that's all out there. But ⁓ if we go if we go like hostile, we need to get over 85%. Well, to make it ⁓ to to make 203 not such a problem. we could still, you know, we can go a coalition route and get to twenty percent and then call a meeting and then try to get rid of the board. ⁓ I've you know, I I was reading somewhere else though that like ⁓ that could consider us a group as well with another group and could ⁓ make two ⁓ three a problem. So really like either you need pre-approval from the board, like bypassing two ⁓ three, or you gotta deal with it and you can deal with that by like ⁓ getting s you you can get it, you can remove the board, and then you're gonna need Say you own fi if say we own fifty percent of eBay, ⁓ we would need sixty six point six percent of the remaining shareholders to vote in our favor for two ⁓ three to be bypassed. Yeah, it's a lot and that's only if we go hostile and and don't get the eighty five percent. So I don't know, just just out there stuff that we could be working on. There's options. There's no backup plan. Cohen wants his baby, so Yeah. Yeah. So all right. Well I don't I don't yeah. Ebay is exciting. I feel like everything that's happened today, and then that happened like with the the shares just a couple of weeks ago, I feel like that's all. ⁓ timing wise, we're building towards something and it feels like it feels like it's coming soon, but also maybe we're just gonna have to wait till next year's shareholders, eBay shareholder for RC to ⁓ try to get that board removed if he doesn't want to go the hustle or twenty percent proxy route. Yeah. I don't know. It'll be interesting. We know it's going to the shareholders next. So once there's more details, we'll be able to know if it's more appealing for Motly I mean institutions basically. So one step at a time, I guess. But I think I think Toots will like it. We'll see. Yeah. Yeah. We'll see. All right. I kinda wanna take a quick little break here. See my wedgetion chart did not break up. Fuck. We were into all of it. So many this one wasn't a falling though, so that that could have been the reason. Whatever, but we respect us following falling wedges and it it didn't happen. let's see. Maybe I'll just we'll just let's just do this real quick. Look at the chart for a second here and then we'll take a quick little break and then we'll come back. Cool. All right, wedgeception, let me turn that off. Settlement. So last week was not fun. ⁓ well, I messed that shit up completely. This is it. All right. Last week wasn't fun, but it wasn't terrible. Actually, it was a it wasn't a bad week. ⁓ it's kind of, you know, diminished looking at over here to the right. But ⁓ we had a five percent move intra week. So Monday and Tuesday started out really nice. Yeah, do you think I would credit that towards this straight private equity thing? That seems to be what caused it. Isn't it was that that was early in the week, huh? It was, huh? Yeah. Maybe. I mean it wasn't off big volume, though. So that's the thing is like there was no volume at all. Three point nine million on Monday, we're up one point six, and then Tuesday was three point nine six. I mean, I remember on Tuesday though being positive, like 'cause almost four million. Whoa. It'd been a while. so desert out there. Yeah. It was good. It was good though. Five percent. ⁓ I think I maybe made a little bit of money playing some calls there. I'm not sure. I've It was after that though, it was just shit. It was just like sideways for the for the rest of the the next the next three days. yeah, we gapped up ⁓ anyways, all those gaps don't matter right now. Never mind. Fuck them. ⁓ Wednesday two point six five million, ⁓ Thursday two point three six million, and then Friday two point four eight million, fifteen point three seven for the week. Is that right? Let me double check. the month we set some crazy lows. ⁓ yeah, fifteen point three million. For the month it was Yeah, July's done by the way. 72.14 million. Sevens, ones, and fours everywhere I look. and the last time we were that low was February. ⁓ I'm on the month. February 2024. So April 92, 53 million February 2024. So yeah. Yeah. I don't know. Like fucking slow volume week. I didn't I didn't expect this kind of news. I th I honestly thought going into this week we would probably we had a little gap down here that we left ⁓ from the week. I think Ultimator had said something about it. I thought we might like fill that. It was like right here. So we might fill that little guy and then fuck around over in the twenties for a while, but that's all that's all out the window. ⁓ Yeah, we'll pull up the gaps while I have it real quick. So I guess that guy's filled. You you talked about it at the beginning. ⁓ we do have an opportunity for a a ⁓ bullish island reversal here. If s RC were to like ⁓ double tap with some positive news kind of thing, right? You know, like fucking bear trap or whatever it is. I think so. I think so. we could we could gap back up over here and then That would be pretty fucking bullish. ⁓ but you know, now we got we still got this guy from the very beginning of the year. I'd said we will not, well, this is the beginning of the year. I'd said we won't. This will be our low of the year. And that is now not the case. 1856 is a low of the year. so I could probably delete this guy. We're gonna add one here and here, and then we got gap subtion two, because that's a gap within a gap. So I have a feeling when we come back up here, we're gonna bounce back. Pretty hard or hang out right around this twenty sixty five level. ⁓ and then we got the one from when Kitty Was Here last, which was What is that date? ⁓ it was the ⁓ comeback, right? The 10th. Yeah. When he did the comeback, we got a gap at 1770. The low was there. Anyway, 1756 is where the comeback gap started. That's still there. I don't know. Right now I I don't want to say let's just go get it because that's still a dollar away. ⁓ dollar plus, but get rid of ⁓ is kinda how I generally feel when it comes to the gaps to the downside, to the upside. We got a bunch. You know, twenty six, twenty seven, twenty eight, twenty nine, thirty. And then we got one up here at like seventy two. So yeah. Lots of gaps to the upside. We got a few to the downside. There's also one down at four bucks too. just get it. Come on. Not the four dollar boy. ⁓ all right. Any other notes? IV was twenty-four. Let's see what IV is right now. Well, we can look at the option chain too. Down almost 3.9 million in net call premium on the day. ⁓ The last thirty days. It's just been that's the biggest one we've had in in a while now. But lots of ⁓ Lots and lots and lots of call selling. So yeah. par for the course, but pretty fucking bad today. It's been lots of call selling. ⁓ let's see. What I V is at? ⁓ fuck. Would have been nice if if price is moving up, but I V's at ⁓ fifty one right now. Yeah, that's interesting. It's really interesting. Like, here's this opportunity, but don't want you to capitalize too much. Imagine buying calls right now and then getting Ivy crushed on top of it. ⁓ man, a slow bleed. yeah. Anyway. I don't know. I I have a short term bullish thesis that remains unchanged. I'm still very optimistic. ⁓ in the near term. So hopefully that's the case. Otherwise this could drag out. Yeah, maybe. I don't know. ⁓ GME borite. See what that guy is at. Nothing, just fucking bullshitting seven point six million. So yeah. I don't know. Anything on the chart? Any predictions? What do you think? What do you think? You got a prediction for the rest of this week? Man, well, which presentation do you want to go into? I'm just trying to wait. I'm so nuts about everything I wanted to talk about. And Yeah, I mean one of them is what I think could be the biggest catalyst is just clarity on the eBay offer structure. We've heard I don't know if you want me to get into this now or after break. Let's take a break, because I need I I need a break. Okay, because I could just go off. Any slide some water. Last week I played ⁓ his first live stream intro. But I'll I'll do the current one. Let's see here. I was gonna pick a spot guys and we're gonna watch that while we take a quick break. Cool. BRB. All right. I'm alive. Kinda. Kinda. Kinda. What's up everybody? I'm looking around. I gotta make I think the feel like it's working, but I haven't done it in so long. I I think it's working. I see you got you can hear me. It looks like it's going okay. So I think we can get it. Sorry, I'm real I'm legit looking at the chat here just to see. Okay. Alright, I think it's working. I think it's Honestly, I can't believe that shit. I thought for sure I would fuck it up somehow. Welcome everybody. Happy Friday. ⁓ shit, I didn't even I didn't even pour the beer yet, but that's okay. I didn't I I got a beer. You know, I know it's the middle of the afternoon here, but right? It's Friday. It's five o'clock somewhere. It's not five o'clock here, but it's about to be. ⁓ shit wait do I do I gotta wear this shit the whole time? I don't think ⁓ there there's I kinda there's no YouTube rules like whatever your whatever your drip is when you start, you gotta keep rocking that. I'm pretty sure there's no way that's a rule. I mean I'll keep it up for now because Cheers, everybody. Let's go. Let's ⁓ shit, look at this. It's going up. It's I could say that, right? Can I can I say that? Can I say it's going up? Is that okay? Is that okay? Look at this. I can't keep that getting over. I think I can say that. Cheers, cheers. Crazy stuff going on these days, huh? Crazy stuff. Can you believe it's me? Can you believe it? 'Cause it it kind of looks like a lot of a lot of people don't. So I just I figured I'd pop in here, say what's up everybody. I hope everyone's doing good. I snow I know it's not the usual time of the stream, but ⁓ figured I'd see it. ⁓ what's going on, check in, how everyone's doing. No real game plan here, just wanted to hop in, see what's poppin'. Damn! Yo, there's mad heads in here. God damn. All right. Okay, yeah. So I hope everyone's doing well. It's been a few years now. I hope y'all are good. We've been doing okay here, hanging in there. This, you may not, I mean, I'm ⁓ I was just messing around with this. This isn't a real, this isn't a real bandage. This isn't a real what do you call this? A splint? Is that the word? It's not real. I'm pret I'm I'm messing around right now. I'm messing around, okay? So other than this. Other than this, I'm w we're doing okay here, right? It's been a crazy well, first I mean it's been a crazy few years, right? It's been a c crazy couple of months too. ⁓ shit. ⁓ yeah, bonkers. I wanted to ⁓ yeah, let me just close. Cool. it's pretty good to be back, you know? I kinda forgot. I kinda kinda you kinda forget what it feels like after it's been so long. Huh? ⁓ You know, I you know, before I get started here, this be f I I feel like ⁓ what is it, Oceans Twelve or like ⁓ how how many espresso do you have? Five. That's me right now, you know? But now you gotta make the switch. You know, you do the little pregaming, you do the pregaming action, which in my case might be some coffee or some espresso or something. But I think I think it's time to make a switch, all right? So you know I mean, what I don't know what type of beer you think I'd be going for today, but I mean maybe this isn't the right day to do. I mean, I hope can I do this? Can I show this? ⁓ you can't see it. You can't see it. ⁓ can you guess what beer that is? Can you get can you guess? That's a hint that you can't see it. ⁓ I should have tested that. Whoops. Whoops. ⁓ shit. Let's see if you ⁓ you see it! ⁓ I see it! I mean I'm I'm not up with the chat. At least I can see y'all scrolling through there. Green, it's green. Alright, so the gre I mean it's green, right? But go go Celtics, all right? Go Celtics. We we won last night, all right. ⁓ I'm pulling for them. It's me I guess it's not a green day here, right? But ⁓ I mean this this is the finals, baby. To start off the series. I love that he's just like laughing. Let me turn my shit up here. I love that he's just like laughing it away. ⁓ I got his yellow update going into this too. He was down. Big. so that's pretty all right. I don't know. I love it. I love it. I love it. So okay, what do we want to do, Mags? We got we got about an hour? Okay. ⁓ yeah. Well, side note, I felt like there there's two moments in Roaring Kitty's streams where he runs away. He's like, he's drinking beer and he's like, I gotta run really fast. I'm gonna do my intro and go to the bathroom break. And he like tries to hurry up and make it back in time. That's what I just felt like. But yeah, I mean do you do you wanna get into the decks? Yeah, we wanna get into the decks. Let's do it. Like I don't know if I have the right one though. Let me go twice. Here I can shoot you a quick link. Yeah, DM me the the most recent one. Do you wanna do I mean we covered eBay really quick, but I could do this one just to explain my ⁓ I mean this is kind of what I'm most passionate about. Yeah, send it. Send it. 'Cause like, you know, we can if we don't get to it, we could try to do kitty like another time shortly, like in the future, maybe have you back here soon to do the roaring kitty stuff. I you know, whatever. I think we can do let's just do this one really quick. All right. And then 'cause we we beat it to death kind of with the eBay talk. I can go through it pretty fast. All we're all right and then let's get it let's have some fun. We gotta do kitty. All right. Plain things up. All right. So let me get the kitty link here. I just DM'd you the first one. So I'm just gonna click you talk. All right, bro. Yeah, hold on. Let me send this other one. Can I f can I full screen? ⁓ All right, here's the other one. I just DM I love the I hadn't been using docs or anything, by the way. And I I'm definitely gonna do that instead of the PDFs that I've been trying to make from my show notes. It's Way better to have like a document you can work with and shit instead of having to try to redo it in chat GPT or something every time. So I'm glad you ⁓ you started linking me these 'cause it's pretty cool. Well, yeah, I mean GPT helps me build things. And I upload ⁓ into Google Slides and I can share a link and stuff. So I I just hadn't considered the whole 'cause that all that's all connected too. So yeah, good job. Yeah, and it it just helps formulate ⁓ Organize all the shit and notes and everything too. yeah, click the slideshow button and then I think you just hit it. All right, okay. I was looking for it. I d yeah, I don't need No, I had I had to teach myself this yesterday too. It's in the top right. Yeah, yeah, I got it. All right. I'm ready. Okay. So yeah, I'll just get into it. I mean, we talked about the 1.4 billion offset and my thoughts there with it basically offsetting the debt on the GameStop side with the cash that you bave just spent for D Dpop. Exactly one for one, one point four billion offset. And I kind of went into why that's important as far as ⁓ you know, how levered they are post acquisition and what that means for the investment grade rating to get the additional like 18 billion they need from TD. Anyway, what I've been freaking most passionate about has just been everything I've heard in Ryan Cohen interviews. We started with the eBay offer, which was half cash, half stock. ⁓ 50% of the stock consideration would be GME common stock. And that's really all we knew. ⁓ so We kind of like we c we had a numerator, we didn't really have a denominator. And if you think about how the media has been understanding it, it's assuming and there's even like a link that I quote in one of these slides. they assume over one billion shares would need to be issued to make this work because they assume the math is for the stock consideration to work, it has to be issuing shares at Jimmy's current standalone price pre transaction. So if you math that and you'll see this on one of these other slides, I'll try to stay on track with what's in front me. ⁓ that's over a billion shares diluted, but since then we've heard Ryan Cohn talk about what we're proposing, like his words, what we're proposing. ⁓ eBay shareholders would be rolling equity into the combined company. So the rollover equity structure values what that combined company looks like. And we have only like one input for it, which is the 125 headline offer. So if you use that as an input in this like banker model that I ⁓ essentially replicated that I had access to for like a hot minute, then you you have way different share issuance. And I think the difference between the two structures is ⁓ like in one, it's like if you if you're issuing shares at the current standalone price, I think usually you would see that. you're a very strong company, you can absorb it. And you don't really have to sell the market or anybody on ⁓ the valuation. But in this rollover equity structure and what they're proposing, how how many shares eBay shareholders would get into the combined equity, there's more of a sell on how much this is actually worth. So they have to sell the valuation of GME as a standalone, and ⁓ what that means if they do acquire eBay. So that's kind of where the the the stock consideration comes from it starts with valuating valuating the the combined equity to get those outputs. So it's half as dilutive and what's funny too I'm all over the fucking place. I'm sorry. That's right. Tell me if I'm going too fast. I'm just trying to like keep ⁓ yeah. No, this is kind of a good spot to stop. So great point. If you look on the left here, it says ⁓ you know, in this market market watch headline from May 4th. GameSwot is expected to issue over a billion shares. And GameStop was trading around what, like 22-ish around there. So they're assuming the denominator is ⁓ yeah, dividing by current share price, and ⁓ this the the stock consideration, which is now twenty-five billion at this point. So as GME drops, it's that assumption means GME would have to raise more shares in order for this eBay acquisition to work. But the pre the standalone GE share price in a rollover equity model doesn't really like the the current GME share price doesn't matter as much because you s it's still a valuation on the business and what that means post-acquisition. So just looking at the fundamentals. That's why the Ford guidance is so important. Cause it's going to impact how you value the combined company and how many shares would be issued. And if you use that 125 headline in this model, it basically shakes out exactly to the sixty forty split that Cohen used as an example in one of those interviews. And again, it's half as dilutive. And I don't know if this is really registering for people, but this is like the biggest freaking like misunderstanding of this entire thing. And it's by six hundred and fifty million shares now. The ⁓ I think the market is completely missing this. And assuming it's share wish issuance on GME pre acquisition. Just conflicts with the this quote that I've highlighted on the right here. But they would be rolling the rest into the combined company of GameStop and eBay. That's not how that structure works. So I think this is the freaking catalyst. And the precedent that I found, I think it might have been included in one of these later slides so you can kind of go through. similar thing happened with Bill Ackman's company. Pershing was trying to acquire on a company, I think Allergen was their name. This is just more math. on how ⁓ everything's calculated, which Jimmy standalone value at eleven billion, I think is kind of conservative. Anyway, so this is I took the snippet from a presentation on ⁓ Valent Bill Ackman Pershing Pershing's Bill Ackman is involved. Anyway, they had a similar offer to acquire allerg allergen. Allergant, I don't know how to say that. Sorry, this is like zero prep. We weren't expecting You're good, bro. Allergens. I'll call it that. Okay. I'm so glad you know. I don't know. I'm just fucking guessing. But they they kind of had this ⁓ what's funny about how this all happened is they they had a detailed presentation and they had the exchange ratio. They said ⁓ it'd be like forty percent allergen or whatever we're we want to call it. ⁓ was the split. So they included some of those details before the tender offer, which I think is pretty key and important. ⁓ but with that offer, because this is like way different, they're the bigger company, ⁓ the aller allergen ⁓ adopted a poison pill immediately. So there's there's like this whole back and forth ⁓ valence stock price kind of ⁓ took a dive after that and They had to go through a series of presentations and this snippet was one of those detailed presentations where they had to sell the valuation. Like the market is not calculating this correctly. This is how they need to be calculating a roll rollover equity ⁓ acquisition offer. So it details the math and helps them understand like what this actually means. If this goes through, share price would be 223 and they were trading at like 114 at that point. But the whole thing was messy. This is like back in 2014, where they they had to raise their offer several times. They started like in the 40s, then they had to raise it to like 70s, and ultimately, I think their last offer was like 120 or something, and then they lost. Somebody else ended up acquiring the company. But they were late to explaining what this offer actually means. And I think there's a lot to learn from that. And Bill Ackman's been involved in this GME saga a little bit. So it There's just so many similarities here that I see. ⁓ and I think it's a really good precedent. And again, everything we've been hearing, the rollover equity structure of this is just you don't issue shares at the standalone current GME share price. So I think detailed presentation will prove if this assumption is right or wrong. But if it's right, it's gonna be a complete surprise based on how the media has been headlining the share ish issuance to expect with this type of offer. So I'm passionate about this. This is remains my short-term bowl thesis. ⁓ eliminating the one point four billion in in debt doesn't change any of that for me. It just, you know, it's like short-term pain. But ultimately, I just want to see these forthcoming details. Yeah. ⁓ want the coming fourth. Yeah. The fourth to come I don't know. Sorry. That was Yeah. Well, yeah. And that part was frustrating because I mean, I've been on this since ⁓ that second interview where he he mentioned that I did an update updated model just to see what this looks like. So I posted this a while ago. So now I did an update where ⁓ remove the cash, put that into eBay equity, try to calculate removing the 1.4 billion in debt into this, which is kind of choppy because we don't know how many shares that will ⁓ increase. But roughly using that estimated core value 27 to 34 share. If you if you remove the eBay offer from the table and the arbitrage that comes with that, ⁓ you know, the the the arbitrage desk going long eBay and shorting GME. If you look at GME as a standalone, that's the basic intrinsic core value ⁓ calculations and then strategic value with the optionality added to So it's signing optionality to the remaining cash, which is what, like 4.1 billion, with the rest ⁓ tied up in in Bitcoin and in eBay. So it's less optionality than what I had when they had like 9 billion in cash. But it what this calculation doesn't do is assign optionality to the, we'll call it you know, four and a half billion in eBay, which I think you should assign optionality to that, especially if the deal goes through. That's worth like a billion more dollars. So anyway, that's my soapbox. Yeah. I told you I was gonna soapbox this thing. Yeah, I no. ⁓ it's interesting. I appreciate the slide, bro. This shit's clean here. ⁓ I'm you know, me and math, well, I'm live. So I'm gonna have to go and I know, I lied to you. I'm like, no math, I promise. It's good. I'm good with your not live, but go ahead, sorry. 'Cause I don't know. Everything Cohen's saying, it just sounds like Unless he completely I don't know, kind of careful what I'm saying because but but like he he's saying the combined I don't know. He would use these examples. I'm just gonna keep saying the same thing over and over again. He used these examples, he said roll over equity into the combined company. This is how it's modeled. And I specifically was trying to seek out somebody who has experience in these things, and I found somebody and they had a model and they were modeling share issuance, ⁓ like the media. pre-transaction and I said, Hey, here's what I've heard. Here's the quotes. Are you familiar with this? How would you calculate that? And they're like, Yeah, I'm very familiar with this. I know exactly how to model that. And they did it and like basically posted all these like ⁓ cryptic posts and like pieced out indexes. Like what? But they were calculating like 43 ⁓ bucks per share post acquisition. So that Sounds pretty fucking awesome to me. All that sounds good. I just, you know, when it comes to val of the valuations of GameStop's price, and I know it'll be a different company and all that. It's just like so tainted by like the market. It's it is not a fair price. The price is fucking fake. That's the way it's always been for GameStop. So one day that'll have to change. Maybe this will be the thing that does it. But yeah, it just I don't know. Yeah. Well, either way, we we gotta be close to this forthcoming presentation or tender offers. So I would think we can speculate until then, but I s freaking and like I'm on it. Like it's gotta be this. I have to be understanding this right. The media's wrong. Cohen said they're comp the media is completely misunderstanding why this makes sense. And I think that's part of it. Well, yeah. That's for sure. And they might not even be misunderstanding it, they just might be misunderstanding on purpose. Like they they gather too. Yeah. yeah, they just they put shit out. Like even the the private equity slip up. Maybe it was a slip up. Maybe not. I don't know. I it's gotta that can't be planned, plan. That'd be crazy if they're just like, all right, here's what we're gonna do. We're gonna go out there and make it that'd be kind of crazy. okay, real quick, shop game stop. Shop game stop. I don't know if that's all I wanna say, but ⁓ Mod Retro came out with its smoke. So that's nice. Roaring Sensei, I know if you're still here, bro. I didn't catch your whole stream, but he had a stream Saturday. So nice job with that. I hope I hope it went well. I missed it. Yeah, I did. I worked Saturday, so it's hard. But ⁓ can catch Roaring Sensei's streams. I know he he's got some more news coming out soon. ⁓ but it seemed like he a lot of people want a lot of cool shit, so that's great. ⁓ but he'd also get it. What's up, brother? How'd it go? Tell us ⁓ well I'm on a little bit of a delay. But I also saw Sensei posted that we have rewards coming out too. Let me pull up his page. For the whales. Bartuk was talking about a little bit last week too. Let's see. Hi sensei. ⁓ I can't find it now. Maybe it's a little bit further down here. Anyways, we got rewards out. Maybe I just rolled down too far. All kinds of cool shit. VIP power rewards are here. This is it. I would let it let it kind of play through. but it looks like there's levels to it. And you get some pretty good money now when you get some. Can we pause it here and make it big? All right. So here are the rewards. ⁓ tiers 30, 50, 80, 125, 200,000, 500,000, 1 million, and 2 million. And I think it's like cumulative. So like if you're if you're just flipping them, you can keep adding it. But say you get to Two hundred thousand and I realize that's a lot of fucking money. But you know, if you're on a good run and you're flipping them and and you know, you could get there. But you I think it came to about s almost six to seven thousand dollars worth of power packs pulls as a reward. So it's pretty good stuff. You've been doing any power packs or anything, Max? Yeah, I have, and I I would do it here and there just to see what was going on. And I'm only NFL only, so when when it was a ⁓ Pokemon giveaway last week. I was kind of like, don't include me. I feel bad. I know other people like it. So of course I win. Yeah. And I'm I'm excited to pay it forward and have Rick. ⁓ is it Rick or Rich? I keep saying that it's Rich. Rich Bartu. Rich. Okay. Okay. ⁓ so Rich, yeah. Giveaway. We haven't even revealed the answer yet. I don't think anyone's responded with the answer that I know. No, there is a giveaway. And I know I missed you. There was some controversy last week. Controversy with last minute ads that won. It might have been my fault. I'm not I'm not a a skilled giveaway guy yet. So ⁓ what's the giveaway? Go ahead and break it down real quick. So you won. So you won yesterday this last one. It was a nice Pokemon Pikachu, ⁓ little poofy one. It was a celebration. So you want to give I know I wish I knew these names. I just call it Chubby Surfing Pikachu PSA ten. That's worth like a hundred bucks and some change. Yeah. ⁓ so Yeah, my my plan was before all this craziness, we're gonna be deep in kitty stuff. So I wanted to drop a question that you'd essentially have to know if you watch the streams. And the question was, ⁓ before the the GME squeeze, which stock did did Roaring Kitty say was his biggest winner? So that's a question I posted. So whoever answers that, ⁓ even if we'll we'll be talking about it at some point here soon. Whoever answers then just puts in the chat first, gets the card. Chat here. ⁓ if you if you're listening and we still haven't had an answer, reply in, you know, if you're listening later, reply in any of our threads that we're tagged on, right? Like ⁓ I have the main one that I post, if you can reply to that one. But if no one's gotten the answer, there's a nice Pokemon card out there. So what's the question one more time, Mac? So before the GME squeeze, which stock did the Roaring Kitty say was his biggest winner? And I have two guesses so far. We have RFP and Chewy, and they're both wrong. Okay. All right. Well good. Keep keep just throwing them out there, guys. Maybe we'll get it. ⁓ sorry Adam. Nope. Apple. Apple Apple. No? All right. We'll just have to get into it and find out. We'll get into it. All right. So let's let's see. GameStop is at 1873, 33.03 million traded. G Mus, by the way. We didn't even talk about that. ⁓ dollar seventy five. They had a good week last week too. I was feeling so good ⁓ heading into it last week. Anyways, yeah, we had some weird like Friday volume too, I think it was. Yeah. A weird little Friday spike. Touched two ⁓ seven out of nowhere on a Friday. I don't know. They've been looking so good at especially like look at this. A dollar fifty to two ⁓ seven. That's a fucking pretty big swing from Monday to Friday. Yeah. Damn. Yeah. Could have done well. What is that swing? And then this morning too, they were like green for a minute while we were just getting our ass kicked. Thirty-six percent. So bizarre to me. Yeah, they are weird. how they trade. And there was a note in there too about well, I don't know, the bonds. I don't know. There's something about the bonds that happened over the last week too, that they're only ⁓ some memo came out for GME one option chain two. Anyways, all right, I'll get lost. Let's ⁓ so let me ⁓ let me find While you do that, ⁓ are you pulling up the deck? Is that what you're doing? Yeah, yeah, yeah. You're just looking at my notes for other things we're gonna talk about. Pulte. Pulse that's so weird. Ploop, bro, Plut. Ploop, Ploop. ⁓ Yeah. He put did you see he posted news forthcoming in the morning? No. It was on like seven twenty seven last week. ⁓ yeah, he did. And and then And then he got it was like announced that he wasn't having that job anymore. I mean, okay, so we'll do that Timfo real quick while you brought it up. So RC did have some action over the weekend. He followed Plute. I refuse, guys. I'm sorry. He's Plute. He followed Plute, ⁓ who is the acting director of national intelligence. And then he followed the White House and Twitter exploded. And I got all kinds of people do not like it when I call him Plute. So that's kinda why I just keep doing it. It's people trying to set me straight. anyways. So and then he unfollowed Plut and then he unfollowed the White House. So I don't know. Timing's weird. I guess. He knows what he's doing saying forthcoming though. Come on. Yeah. I don't I don't know why he did that. ⁓ but also Plute said news is forthcoming, right? That's what you're saying? Yeah, news forthcoming in the morning. Yeah. I mean, whatever. The dude is the dude is connected. We can't lie. Like he might annoy me and he might, you know, have started as a a Twitter philanthropist and getting you know, hanging out with dildo slapping and everything else. But you know, he is fucking in Trump's cabinet. It's kinda wild by the way that I'm blocked. It is wild. I'm blocked by a guy in Trump's cabinet. I I'm blocked by the acting director of national intelligence kind of fucking. Probably should I should probably stop talking shit, huh? But yeah, I don't understand any of that. But ⁓ yeah. Lots to learn. So yeah, no, that was interesting. yeah, I don't know. I don't know. So okay. All right, let's go on. ⁓ PowerPack app came out for Android. That was the other thing I wanted to say, and then rewards. So shop GameStop, PowerPack app is out now for Android and GameStop. And there is also not a whale reward. ⁓ There is a reward that if you like buy three gold packs, you get ten dollars off. You know, they're starting to add some rewards for the folks that wanted it out there. couple guesses, by the way, in chat. ⁓ sensei said, is it PHI? God. I I I'm just waiting for somebody to be very observant right now, is all. Just pay attention. You guys might get the answer now. All right. So like I was saying, like I I've been sitting here thinking about the dog days of summer has been in my head so much. ⁓ and it's also a tweet that Kitty deleted. It's one of the the the internet she'll never forget. ⁓ so I don't know. There there might be well deleted or removed for copyright, whatever it was. So but it's kind of just been in my head and I'm thinking like, you know, just start thinking about the meme movie and and maybe he's talking about the cycles because it's, you know, the bear beware. We always get a Halloween move. ⁓ I don't know, there's just, you know, hints throughout the movie. It just got me kinda wanting to talk kitty. So I ⁓ so I was like, you know, Magnificit is is the dude when it comes to talking kitty. You have spent extensive amounts of time watching watching his live streams, which is that's that's some work, bro. Like ⁓ man. and it's well part of the problem is is you wanna stop e at least with me, is I wanna stop and like clip and and you know, post and what's up? ⁓ keep going, keep going. No, I just want to do that as I go. So I find it like terribly complicated to make it through like a fucking three or four hour live stream. Cause I always find everything he says so interesting. So I think it's pretty ⁓ pretty awesome that you spent your time, you know, you've dug through that. You've definitely gone through the memes. You've gone through the twenty twenty one memes as well. So call you a a student of Roaring Kiddies. So yeah. Figured we could we could try to get together and maybe tell his story a little bit. Maybe ⁓ you what time do you gotta be done? It's don't worry about it. I will move whatever shit I got going on. Okay. ⁓ so yeah, I wanted to like kind of try to to tell a story. So as I'm going through it, and let me get my notes too. So you have your notes, you have your slide deck. I'm gonna try to keep that up, but then I have the shit that I wanted to talk about as well. So let me try to get my docs up real quick. Yeah, no worries. This is where it gets fun too, because even just the timeline to me is so fun to talk about. And I condense the God, it's just so nerdy guy. Like I I went through I realized when I'm watching these live streams, I have to pay attention or else I'm not gonna know what the hell's going on. So I I started taking notes from every live stream And like I'd feed all my live stream notes into a chat and help it like ⁓ archive it and like summarize things for me. So I'd literally be on the treadmill listening and like, ⁓ I heard this, and I'd punch it into my notepad and ⁓ or like mowing the lawn, I'd have like so many start stops because I'd just be like, ⁓ that I didn't know that, and I'd like type it out on my notepad and then just send it over. So I had this on this chat with all this information and I just wanted to it to summarize things. So it got super nerdy and deep. Which is only so fun for a small percentage of audience. So I I kinda condensed it to five quick slides and I just want to go into the the timeline. Well this is this is more than five slides, bro. Well, no, after the fifth slide, it's all timeline stuff. Okay. All right. Okay, okay. So I've been through it and then so like I try tried to like 'cause I like to have things organized in time frame. So we're gonna try to take this through chronic chronological order. ⁓ the timelines I got kinda ⁓ segments or whatever would be pre January. 2021, January twenty one through June twenty one. Anyone remembers the shareholder? That was our first real good rug. and then let's see after that. I also have all of his YOLOs. I'm gonna overdone it with that. ⁓ then we got the quiet time, so June twenty one through April twenty four. We got the comeback, we got the meme movie, the live stream discussion. Well, kinda whatever. This is just my little notes, and then whatever's gone on since ⁓ one ⁓ nine. This fucking 0109. So okay. do you want to just kick us off here? Let's do it. Yeah, let's slide show it. All right. ⁓ and I'll be clicking around too, probably. So we might be going back and forth, but we yeah, it works. Go for it. And I think, I mean, you wanted to talk kitty. So of course, my brain just goes, We have to do a full-blown character study, understand who he is, how he invests. And that's what made me want to pull all these notes that I had from all of his live streams. And then I want to see this entire timeline, just to to see how everything unfolds, because I mean, we're trying to be a little predictive, right? And that's part of being a GME investor. You're trying to see what the hell is gonna cause I mean, obviously it has a big impact when he's involved in the stock. So that was basically the motivation behind all this. So to summarize my live stream notes across Freaking 300 hours and 64 live streams. I did it in five slides. And essentially what you need to know about Kitty if you haven't seen all of them. There's just so many misconceptions. Like he was lucky, all he cared about was GME. ⁓ didn't have any experience, ⁓ YOLO'd on calls, and that's it. But he was ⁓ an investor for 10 years at this point, worked in FinTech, ⁓ for this like FinTech software company. I think was a founder, actually. I need to double check my sources there. ⁓ worked for Mass Mutual. So very experienced ⁓ investor. He said he was a deep value investor, right? So he would look for any any security that has ⁓ downside protection with you know asymmetric upside is really his whole thing. So he'd have a very serious base case for things. And ⁓ would hold from like three to three months to two years and just wait for things to play out and just kinda keep moving. But when he started his stream six years ago today, eight three twenty twenty, ⁓ was his first live stream. Eight three twenty twenty was the first live stream? Yep. Isn't that crazy? Okay, so real quick, ⁓ go ahead, I'll let you finish. Go ahead. Sorry. No, no, no, it's all good. Let's go ahead. No, I was just wondering th so okay, c so before his live so his live stream is the Roaring Kitty. ⁓ On Reddit, he's deep fucking value. And then of course he's he's Keith Gill. But he he had to reveal. I'm trying to remember that part of it. He he did like a whole reveal that he was deep fucking value, right? Isn't that? Mm-hmm. Yeah, okay. ⁓ my god. That's fascinating to me too, because it was on Christmas Day twenty twenty and he revealed in a yellow. So if you look at that yellow, it has Roaring Kitty on the yellow. That's when people found out. Okay. And his Memes on Twitter right before that were super cryptic about like another identity. So there's memes about like ⁓ freaking ⁓ the Shaw Shank meme is there. There's ⁓ I think the set ⁓ not seven, but fight club meme, all these like hidden identity like suggestions right before 1225-2020. So he's kind of hinting like, I'm gonna drop something here, I'm gonna reveal I'm DFE, nobody knows. Someone kind of like brought up. DFV in one of his streams and he made this awkward smile. But he kept that private until yeah, I mean four months of streaming. Yeah. And he's got lots of YOLO updates, by the way. I thought, you know, I he was updating all the time back then. So let me I'm gonna try to get to his first YOLO update. It was okay, so we got so there's July twenty twenty. ⁓ he was doing them for a while. ⁓ anyways, not all of them like as big as the screenshot, so see May twenty twenty, I'll show this tab instead. I'm on Kitty's page. So this is what it looked like in May twenty twenty. Pretty good position there. Was it all all GME? Some $20, no, $6 calls, $12 calls, $8 calls, 15s and 20s and 12s. And then he had how many shares? 250 shares is what it looks like. Yeah. So that was his f well, not his first, but that was his position. What did I say it was? ⁓ This was May. May May 2020. Interesting. Yeah. On Wall Street Bets. ⁓ and he was just kinda like Updating September twenty twenty got up to ten thousand. ⁓ You know, bunch of you know, he he is not put you know, y we y you wanna say he'll buy at the money or or out of the money or or long dated or short if he does it all. He's not he's not he's proven that he will buy anywhere on the option chain. So he'll go long dated. ⁓ which in you know, September I think is when this one was. Yeah, September. So he's buying calls out in January. And then he has later on, I think, ⁓ these April twelve, those are the ones. That were just insane by the time he converted them. ⁓ yeah, those Jan 15s were like his originals, and then April sixteenth was like his last ⁓ call position, which led to his last YOLO update on April sixteenth. So let's see. I just said was last. This is mid. So he was just updating again all the time. I wish I would have known then. Shit. Well it was okay. So well you gave me a date here I wanted to see. So never November twenty twenty. There you go. The reveal. ⁓ no, December twenty fifth. Do you remember? Christmas. All right. ⁓ okay. Yeah, yeah, yeah. There you go. So that's the reveal. That's where he shows. So he'd been posting on Wall Street the whole time. Boom. And and it's me. Yeah. And and then had been doing the live streams and then combined he showed everyone. So Christmas twenty twenty, he had three point six million. ⁓ And a million dollars. He likes round numbers, by the way. 10,000, 1000, 1000, 1,000. ⁓ those, so what do we look at? Those those calls. 2,300%. He bought them at 40 cents. Dude. He bought them at 40 cents. And then this is GameStop was what in December? Like it was I think I'm trying to remember, like 20s? No. Yeah, maybe. Yeah, because it was like, so here I go. And that was pre split, obviously. So h Christmas it was around five dollars, so yeah, twenty. ⁓ yeah. And he and he had all of this to go. Yeah. God pretty pretty impressive. So ⁓ Okay. So yeah, so he was he started on he started his position he'd been investing a while ago. He he he was in finance. He had worked at Mass Mutual. He started ⁓ I think it was Roaring Kitty Financial, I think at some point there or some some version of that. Yeah, I think so. Yeah, we got ⁓ New Snake who's around here somewhere. He ⁓ he he tracks all of that shit for us, by the way. So every every alt or possible account. New snake's on it. ⁓ what's up Jim? Good to see you out here, bro. ⁓ Kevin Gill bought wait, Kevin. Okay, I'll read it. He he bought up He brought up how both him and Key do the same awkward smile. I don't know. Never mind, Jim. That we're talking about Kitty. That damn smile. Damn fucking smile. All right. ⁓ but go ahead. I'll say we'll you can get back to you. No, it's all good. I this helps paint the picture too, right? And the timeline doesn't have all these supporting YOLOs, just kinda talks about some. But anyway, well diversified, knew what the fuck he was doing. He was really into small caps, ⁓ not micro caps, but small caps. So he spent a lot of time thinking about like bankruptcy risk and all this other stuff. ⁓ so across a wide range, retailers energy, I mean, I'm not gonna read everything that's on here, but his his goal was like fifty percent to a hundred percent returns every single year. And that's kind of the standard he set himself to. So obviously a higher risk component to that. And it wasn't like a flat, that's what he gets every single year. He might not hit that one year, but then like one another year could be like 300% or whatever. If you go back really quick, sorry, I'll just call out New Snake as a winner as a winner, because he saw ⁓ on the previous slide, when he was asked what was his biggest winner ever. That he ever invested in one of the streams and he said camping world. But he like he paused for a second. He's like, excluding excluding options? And he like thought about it for a while. He's like, it's like Camping World. It was like a tin bagger for him. And then he hit he was I mean, he was kind of cocky about it. He like, I've had a lot of tin baggers though, but he called out camping world. So that was the answer. New snake wins that one. Did he? I didn't see it. Where was it? I yeah, it was earlier up. Let's go. Good job, New Snake. Hell yeah. Winner winner chicken dinner. I don't know if I have ⁓ I should just like load up sounds, but we'll just go with this. Fuck, fuck, fuck, fuck, come. Good job. I love that new snake won that. ⁓ that's good job. But yeah, d just like thinking about his process. ⁓ he would you know, look at the fundamentals. It'd take him like a matter of minutes to value a stock and then he'd move on. So he'd assign this quick valuation. And a lot of it had to do with like two year highs and stuff like that and lows and where it's trading. And because he was always concerned with bankruptcy of small ⁓ small caps, he would look to see, you know, how the bonds traded. And if debt markets weren't pricing distressed, the the equity story could be more resilient ⁓ than the narrative. I'm just kind of reading off of that one. But that's kind of his style. ⁓ really good dialed in style, find the deep value opportunities with you know downside protection. And you'd always hear things like, That's not my base case. He always stuck to his base case, man. ⁓ but this was his GME thesis. We all know this, right? Like he just he was very adamant about this. He had his video, he talked about how the market has essentially been offsides. They're applying certainty that GameStop will become bankrupt because short interest, when he started his streams, it was over 100% and like at the peak, it was at like 145%. Yeah. So to him that meant they're applying certainty that bankrupt ⁓ bankruptcy is gonna happen for GameStop. But he talked about their free cash flow, the upcoming catalysts, which ⁓ you know, with ⁓ the console launches, again, going back to thinking ⁓ about that environment and COVID, and you would initially think all these retailers are dead because nobody's gonna leave their house. But then you apply that to GameStop and you don't think like everyone's bored of shit at their house. So of course everybody wants a new system, ⁓ which blew things up too. So he had a strong thesis, a strong catalyst that he was focused on. He was challenged what would break his catalyst, and he's like, Yeah, this could happen. This couldn't be as ⁓ important for GM and he'd have to adjust things. So he wasn't like stubborn. He was very aware of everything. ⁓ which I just appreciate. Like, you know, he he just had he just had a good process and he stuck to it and he's very disciplined. ⁓ yeah. Yeah. ⁓ and ⁓ the cli you know, some of the stuff, like specifically the console cycle thing, we're we're back there again now too. And that's a big deal for GameStop. I think that's what Burry was originally in in like maybe not originally, but that would play a big part in what he was thinking too. Just interesting that we're back there already. ⁓ this is about the memes. Okay. Yeah, you can keep it moving. ⁓ yeah, we'll just touch I just wanted to highlight ⁓ we'll come back let's come back to the memes. ⁓ okay, fair, fair, fair. Here's your fun facts. ⁓ yeah. So I I just kinda documented when he or wait, which slide are you doing? ⁓ yeah, yeah. ⁓ Should I go back? Yeah. We could just cover this one quick. Go for it. These are just random fun facts. Roaring Kitty was a random name. He didn't even have a cat. Yeah, we had delayed here. I feel like we're delayed. Okay. So all right. So I'm gonna leave it on this fun facts one, okay? Okay. All right, go for it. So yeah, Roar and Kitty, random, didn't have a cat. Camping World, no snake already got that one. ⁓ he wrote pre mortems all the time, which I think was really cool concept for investing, where he'd have a thesis and As he's entering the trade, he would write out like, if this goes wrong, why? So it's kind of like what he said, like defend the bear thesis. So understand the bear thesis and what could break your bull thesis. ⁓ just for like it just kind of keeps you aware as new information comes in. ⁓ just adjust accordingly. He was very ⁓ serious about when he had missed opportunities that he didn't invest in and why, and kind of put that in a category as just constantly evolving and learning. Really intelligent investor. ⁓ watched housing. I thought it was ⁓ just random interesting stuff. It could affect risk, appetite, and consumer behavior. ⁓ he compared the Best Buy bear thesis to GME. ⁓ it was like a it was like in twenty seventeen, if I'm remembering this right. There was a huge attack on Best Buy. They were just getting smoked and shorted and they're calling them basically an Amazon showroom and saying they wouldn't be able to like survive long. But they overcame that narrative and ⁓ It it's very I I think it just a lot of overlap with GameStop. So it was just a really cool comparison. And he didn't grow up with cable. So that's crazy I just kinda noted that 'cause it was interesting, just some of his ⁓ what he's interested in from like a pop culture standpoint. He's a little younger than me. ⁓ well probably ⁓ I don't know, was he thirty five? How old is he now? Is he forty? He turned just turned forty. Yeah, that's how long. Yeah, so he's forty. I'm you know, I'm about to be forty eight. But so I grew up with cable, but I grew up with like thirteen channel cable. Like I had this little box that you slid the little arrow on, but it was cable. Well, y also you could pay for like Disney and shit like that. So ⁓ interesting though. So I I like you're so like you got these streams marked out, stream twenty six and twenty thirty nine. That was for my notes that pulled that for me. I got 'cause like my notes would be like, I'm watching stream twenty six, here's all my notes kind of deal. And then I put it in. So I just pulled I'm on his page right here. just the quantity of streams. So his first one, this is his first one, I think. It should be in time order, 299,000. So people like to go back and look at that. ⁓ I know I have. But yeah, he's you know, these are all, you know, back. So I ⁓ I'm w what I'm wondering is it was not a very large amount of people when he first started doing his streams. I I realize No. It was like not That's a really good thing to bring up. He didn't break a hundred people in his streams. We probably have more now than like most of his twenty twenty streams. What's up? He didn't break a hundred until ⁓ twenty twenty one. He had like four streams after the new year. After twenty twenty one, things got hot. All four of those streams were like over a hundred. I don't know how high because you can't see in the recordings, but you just hear him like talk about we're over a hundred people. So I documented that obviously. ⁓ which puts it into perspective, right? He wasn't like you can't blame him for the squeeze. No. Didn't have a huge following until after. They even though they try. I'm just looking, you know. Streaming his butt off to less than a hundred people. And now, you know, his last one, two point eight million. There's so many people in that motherfucker. ⁓ but it blew up for him after January. I'm trying to find where the and you can kinda tell that's where he starts coming out wearing his cat hat and shit. yeah. That's one of my favorite ones. I gotta like it's hard to do it by Yeah, I need to I wanna go back, but like I said, they're like three hours long. ⁓ dude. And ⁓ they're tough. Yeah. You have to be that's the thing. Like me taking notes made it like a thing for me. It made it way better. And then I'd get more interested, but I would drag. It was so hard sometimes. Yes. Okay, so yeah, dude. And and then it's like it's work. Put it on two speed, but y you can't really watch Kitty on two speed because it's like he'd he's all over the place a little bit. It's kinda hard to Yeah, I think it was like one seven X. Yeah. Usually. Yeah. ⁓ Okay. So twenty twenty one hits. Let me get here. and Yeah, and let me I'll just look on my side to see if there's anything else in those ⁓ other slides I'd wanna talk to. You don't have to go back to ⁓ Okay. ⁓ Cover. We can we I mean we can get back to it ⁓ good. Yeah, I think it's worth doing slide four, the meme called backs that you if you watch this the streams, you'll you'll hear basically a reference to the memes that you see all these years later in twenty twenty four. So of course I was hyper interested in that. Like, is this like gonna help me like decipher everything? Well, i well, I mean, I almost feel like we haven't figured that out yet because there's a bunch of memes that connect to the twenty twenty one. We can we can go ahead, well let me click to the this is it right here. So go ahead. Do you wanna I got it? Yeah, yeah. ⁓ here you go. Okay. Yeah, there you go. So yeah, I mean the cat mask Anon one is the Shawshank meme. Obviously, it ties back to his streams, right? That one is the most direct ⁓ interpretation of that one. It's very obvious. He's saying you never look at a man's streams. And anyway, a lot of that was tied to Anon Anon. We don't have to get into that and that's kind of a a rabbit hole that don't know if it's worth it. But it led to there's other I'm all for the place. But there's other like anon YouTube channels that aren't that one lady sneezing all the time. So if anyone's following or know what I'm talking about, that's what Seriously? Yeah, no clue. ⁓ yeah. So in that stream where he has ⁓ the cat mask on, where during the ⁓ the Shaw Shank meme. Yeah. In 2024, it says, You don't how often do you look at a man's streams? And then it shows that picture of him wearing a cat mask. If you watch that stream, in one of the moments, he talks about Anon Anon asks him a question. And I think it was about his like upside target or something. Something like that. Anon Anon. So it's like kind of like, What is this? But if you look up Anon Anon, they have a YouTube channel of just some lady sneezing. And The connection there obviously is like it wasn't a squeeze, it was a sneeze type of deal. But I don't know. There there's another loose theory I won't get into of why I think he would reference that in that twenty twenty four meme. But that's Yeah, there you go. Yeah. You got a little cat face. And that's that's one of his he takes his up, he's like, Let's go. I love that. I love that. I got the sound off because I don't want YouTube to ⁓ yeah. But yeah, so that and then it does go back here. ⁓ There's a lot by the way, bro. Like you got a few here, but like I y you go back and you just start and then it makes you wonder like what did I miss? And then it becomes like a massive like task and undertaking to try to try to wanna go back and see. Yeah, and I I remember some of these some of the notes aren't the best if people are just strictly reading that. Like I remember Tron was like his few favorite movie album. Is one of the things he talked about, like Tron movie album and then the Chappelle Wu Tang. He was joking about that being like diamond hands, like Wu Tang. Yeah, see that's yeah, you're right. So, like to really truly get the twenty twenty four memes, to if you really want to try to put this puzzle together, 'cause believe me, we have tried, you probably gotta go look at all the twenty twenty ones and the live streams and then try to piece it together because he's referencing them all in it. ⁓ And I would say like twenty twenty one, I don't know when he started ⁓ Kat went to sleep on June eighteenth. April sixteenth, or yeah, April sixteenth. When his calls expired. Yeah. Eight ⁓ June eighteenth. I'm sorry, like the ⁓ yeah. Catch on this his return. But his like tweeting game changed too. I'm trying to Anyways, so this is all and you can almost find every twenty twenty four meme, some connection here. Not everyone, but like a lot, a lot of ⁓ Like what was the one Do You Still Love Him? One, that one is basically redoing. ⁓ it's gonna be hard to kinda like find ⁓ all here as we go. Yeah, the first one is like he puts Cohen's head over the guy and he's got like heart eyes basically. And then the second one is Cohen. transposed on Victoria's Secret models. Yeah. And then the reaction is like, what do you still love him? Yeah. You know, we'll ⁓ we'll get to these memes in just a second. Because but like it could be I that could be a legit question he's trying to ask himself. ⁓ if you look at the price action that happened there's a lot a lot of theories during that could be going on during the time. So okay, ⁓ January twenty twenty one things popped off. Go ahead, what's up? I was just gonna say really quick on that note, he talked, I still rem I had this in my notes. I was looking at it. He talked about when Cohen came to the picture because he had his thesis before Cohen. He saw he had like a strong case for the current GME management and he was passionate about it, talking about it on these streams. And then Cohen kind of entered the picture and there's all the speculation. Like, what's his intention? Is this just a trade? Does he want ownership? Like, what's he going for? They had so much speculation around that. And he initially was a little like not like fully supportive, not like, yeah, bring it on. And then ultimately he came around after a few streams where he's like, Yeah, Cohen provides the most upside, even though a lot of his letter is kind of what current management has been preaching a little bit. There's more upside with Cohen. And he came around and he was like all for Cohen eventually. But he was an immediate like open arms. Yeah. And then that's, you know, and he kind of Talked about that a little bit with his live stream too. ⁓ double bottom at 1861. Not looking great. Down 14.34%, 34 million traded. Yeah. All right. So things blew silent. Yeah, that's what we want. Things blew up for him ⁓ in a big way. Cohen, okay. So I guess just quickly, like, this 2021 run, I think we can attribute to Cohen buying for the most part. I RC brought attention to it. but if you want to contribute like price action or whatever, I think RC's buys in August and the filings and then the T thirty fives that followed and then the December buy. And then, you know, all of that is what with the short interest that Kitty had identified and you know, that's what sent us. Dude, it's cool. Yeah. Let's go to the timeline. It's just so fun to talk through. All right. Let me show 'cause I agree. That was him putting the pressure on at that moment. Was it like going into that catalyst? No, right. Yeah. I guess all right. So I mean, yeah. So it starts in twenty and I won't go like crazy deep on everything, but I mean Bury, Scion kind of started this off twelve, twenty ⁓ thirty one, twenty eighteen. They buy like half a billion shares. Then GameStop authorizes ⁓ three million three hundred million share repurchase. And then science scion increases their position. A little bit. And then this is where Kitty starts to buy too. So he he opens up his first one thousand block of Jan fifteen eight dollar calls for twenty expiring in twenty twenty one. ⁓ and it was through this period of six seven to to nine three, which is kind of interesting because his birthday is like six eight. ⁓ six seven. All right, sorry. Good. And then the duck the Dutch auction tender for ⁓ Up to 12 million shares was announced. So they end up buying back a little bit through kind of a weird structure. And that's ultimately what Bury kind of pushed for. And you can go to the next one. ⁓ because right after it gets so interesting, and I always think about it like kitty when I go through this. But they complete that, they buy back 62 million worth of shares. So there's still like ⁓ almost 250 million that they can buy afterwards. But then Scion releases their 13F, which for 13Fs, there's a 45-day lag. So this is like full-blown, you have to make something like reappear type of tinfoil. Where Cyan shows, like, hey, Bury's out. They don't have any GME position anymore. But that was from 45 days ago. So during that 45 day span, they bought 2.75 million shares. They went from zero to 2.75 million. And we didn't know that. ⁓ at the filing. And we we knew that five days after the filing, because that's when he sent his letter to the GameStop board and it ⁓ revealed that they do have this position. So pretty crazy if you're kidding. You just fucking YOLO'd, you know, and you're like, ⁓ Bury's in, I've I've have them on my radar, whatever. And then Scion reveals no position, and then in a matter of days, they have the by far the largest position they've ever had. And that led to his first ever YOLO on ⁓ Wall Street Bets. It was titled like Thanks a lot for jacking up my cost spaces, Burry. Yeah. I think I just saw that actually. That's the fucking I can't imagine like the emotions throughout that where he's like, No, and then yeah. Well, so what did he start with? Thirty thousand? I'm trying to think what the first view ⁓ hit he it was like around fifty K or so. And I think his so his Roaring Kitty portfolio was separate from his YOLOs. two. and he said that in a few streams and his like the highest G ⁓ he ever got in his streams was like 35%, 34.5% of the portfolio. And the way he was talked about it almost sounded like he was a money manager for his family. Because he would talk about like writing emails and sending it out to people what he thinks and blah blah blah. I think this is the first YOLO update I can find. Fifty six before that It goes before that. That yeah, that's not the first one. Look at your ⁓ here we go. Yeah. December twenty nineteen. Well that's higher, hundred and twelve. Yeah. Search don't search with his replies included, just his posts and you can see a little faster. I was just doing this too. It goes back further. I'm just gonna go down. I don't know how to turn off the reply. Is this the first one? Okay, I think this is far down as I can go. No. There you go. There it is. Hey Barry, thanks a lot for jacking up my cost basis. Yeah, so okay, so his original or I want to see what he originally started with. 13,000. Is that it? No. That's look at so price paid 53 and a half K. Okay, there it is. Okay, yeah, here we are. So that's it. 13K. 532 What was his last update? Two hundred and sixty eight million. Fucking baller. And and and that's not even considering what happened before this update because this was after the offering. This is his last ob update. he was definitely well, you can't say definitely, but I'm pretty sure that I I was a billionaire tweet that he made. ⁓ is because he was a billionaire at one point. So For a hot minute. Yeah. Okay, sorry, go ahead. ⁓ see we did that purchase. So yeah. So yeah, Bury comes back full blown and that led to his first YOLO and he has his persona and I mean eight three twenty twenty is when he started streams. But okay, so he starts building where are we in the timeline? We're seven eighteen. So he makes his first ex post, seven eighteen. He's getting ⁓ prepping for his live streams. By that point he posted fourteen YOLO updates. So before he even started streaming. And we saw he was up like one twelve K. It stayed that way for a while. And then RC Ventures. ⁓ so ⁓ I didn't have in the timeline. 8 3 was his first live stream. So RC Ventures, same month, discloses five point eight million GME shares. And then all ready for kiddies, like hell yeah. Like this is looking really good for my position. Yeah, absolutely. He he's a genius at that point. At that point, he's already won big time. Yeah. Absolutely. Cause yeah, he was waiting for this thesis to play out. And now there's more and more pressure. And then Cohen nine twenty one increases his position to six point five million shares. ⁓ which more and more it's like boom, boom, boom, like you said. ⁓ timed well too. Timed like perfectly perfect. Seriously. Like and I kind of see his similarities with eBay to be honest. ⁓ Then he he sends a letter to eBay or GameStop's board on eleven seventeen, challenges them for digital transformation. So now we're starting to understand his intentions a little bit more. is definitely not passive. Yeah. And yeah, and then December was the big one, man. He buys another two point five million shares. That was Bury's initial thing when he did the letter. He added another two point five million December fifteenth through the eighteenth, twenty twenty. So now he's at his over 9,000 position at twelve point nine ownership on twelve twenty one. Nine million and and one thousand. And just you know, go back to his last update. He's paying a little homage there, maybe. But nine million. ⁓ yeah. That's what he had when he left. So go ahead. Yeah, and then days later, Ren Kitty is like, Okay, I'm also deep fucking value and my portfolio is worth a few million. lost my screen one second, sorry. Yeah, no worries. All right, back. Go ahead. ⁓ I'll click over now. All right. January, February, 2021. Yeah. So yeah, I mean, I think we both have the same read. Cohen really put pressure on this thing. ⁓ kitty didn't have the viewership until well after, but it put him on the map, right? And then 111 GameStop adds Ryan Cohen. He actually got more seats. That was a big surprise on the streams. Like, okay. Now he has more power in this. He wanted he definitely wanted more than just being the chairman. And Cohen's mentioned something about that in his recent interviews. Like they are like, sure, be on the board and like don't do anything. But he's like, No, I want control. ⁓ then 122, Gil hosts his final live stream. And of course it squeezed and the fricking buy button got turned off and then he testified before the House Financial Services Commun committee on two hundred eighteen. What a freaking That was the most ballish shit he did because he said I like the stock and then he went and bought. Like that dude. That filing or that yellow update was insane too. Yeah, and someone challenged him. They're like, Do you think it's ⁓ undervalued today? Would you buy at this price? And he was basically like, Yeah. And then he did. It's like, fuck you. He doubled up. He went from fifty thousand to a hundred thousand. and then in April he did the calls too. ⁓ see this was trying to find the call. He converted. Was it April sixteenth? That was that update. All right. So he converted to so he took the calls in exercise and converted them into 200,000 shares. So three months he's at 30 34 million. Yeah. That's insane. ⁓ those awesome. Yeah. So that was his final update. ⁓ he didn't leave, by the way. He still hung around. ⁓ He said it was his final. I'm gonna hit okay, hold on. Let me. Got all kinds of weird tabs open right now. Okay, cool. I think we're good. He said it was his final YOLO. It was his final YOLO update for for then. ⁓ let's see if I can but he still I'm gonna try to go down to his Twitter from around then because it wasn't like a ton, but he this is when I think around April was when the memes started getting really good, I think. ⁓ would you say that's about right? Let's see. Yeah, it was I have it in the timeline. I think it was like right at towards the end of May. to his him leaving April sixteenth, if you go back to the timeline. He had like or yeah, show him first. That's way better. He had like over a hundred and fifty memes from that stretch, end of May to mid April. So he went nuts. He went nuts ⁓ to close out like his final call position basically. So I'm just looking at these memes now. Like I that anyways go ahead, sorry. No, you're good. Yeah. I liked I've liked them. They go away. That's how it is. I know. But you can almost look. There's the volume. That one is in the ⁓ Dog Days of Summer tweet. That's the beginning, I believe, right? ⁓ no, they turn it up. That's what it is. They turn the volume up. ⁓ yeah. It's just all of these you'll see there. maybe not all, but I bet. I want I've I've wanted to go through this a bunch and just like match. To match him. You know, there's Kill Bill. ⁓ I know there's fighting the references. Yeah. ⁓ God. All right. Kitty. Light of the Seven. That's probably my favorite meme that he does, though. Cat in a basket. Cat and robots. Yeah. So he ⁓ he he starts memeing his ass off ⁓ more than he had been. I think he's he's huge now. He's like got millions of follow followers just to ⁓ look at the chart while we do it. Ran up, made bunches of money, you know, doubled down, double down. ⁓ first big rug I experienced was June. Here it is. ⁓ he was here, he's just making I I wonder what we didn't see, because we do know he trades. ⁓ and we don't know what he's been doing and all these times. So who knows what he did with these highs. ⁓ one thing we do know is he's never showed us less shares. I'll put that out there right now. He has never showed us less shares. So ⁓ big June, May and June cycle run shareholder meetings, probably the most hyped everyone, including Kitty, was at that point. He was, ⁓ well, I would assume he was very hyped going into that shareholder meeting. And then we got another joker meeting. We were flying right here. Early June 2021 was amazing. I made so much money on AMC calls too. Is it there's that that one too? Like these are all his old and new. ⁓ anyways. ⁓ and then he went away. ⁓ it was June eighteenth he went away. Yep. June. ⁓ so yeah, if you want if you want to go back to the timeline. I keep forcing you back to you all right. You don't have to, don't want to. There you go. So so his last one was June eighteenth with a kitty going to sleep. Twenty twenty one. ⁓ that was after the shareholder meeting. RC said buckle up and he meant it ⁓ because Yeah, no shit. Because we got the sleeping kitty there and then buckle up for safety. Yeah. And then we ate shit for a while. So but I mean it was 2021, so we had run after run after run. All right, so I'm I'm here, I'm back. ⁓ Okay. So yeah, let's do the next one. which is great. You can have the context of actually seeing this on his On his t timeline. But yeah, late ⁓ it was late March. ⁓ yeah, I said May. My bad. I always get May and March mixed up when I talk anyway. Well we'll run in both of them too, though. So that makes it even good. Yeah. So 150 memes. I mean he did over a hundred when he turned, so it's just nuts. He was just going balls to the wall is like his grand finale, I think he thought. ⁓ and then then he was done, and then he decided to come back. Six one after posting a final YOLO. So not that much time. And he did like over 80 memes during this time period. And I think he was really excited. Yes. About Cohen being announced as chairman officially. They're having the shareholder meeting and an earnings release all on the same day. He was jacked up. If you watch his posts on that day, he was pumped and then immediately like changed the tune. afterwards because there's a surprise announcement of Matt Furlong is CEO and ⁓ an ATM offering for up to five million shares is just all like very downhill from there right after. Yeah. And he I mean he indicated like there's the unbreakable meme. Like this is a train wreck, essentially. Like Bruce Willis knows a train wreck's is gonna happen. And he has these other like ⁓ posts from ⁓ Black Mirror where a CEO is on the phone and like anyway. It it's basically he doesn't have a rosy outlook for what just happened after that event. And then he goes silent ⁓ what for a long ass ten days, nine days later. ⁓ yeah, yeah, for a long ass time. So ⁓ I'll just pull the chart up for that time just so we can kinda it's not like it was bad at all. We had all kinds of action going on while he was silent, ⁓ then a team marketplace. And sorry, I'm getting quieter. I I don't know if maybe I'm s moving away from my mic mic. I might be wearing down a little Getting old. But I mean, we went through a share split. We had the NFT marketplace. ⁓ he was gone three full years and a lot went down with the chart too. I mean, from when he left in June, that's where a big gap is, to where he came back at ten dollars. It was, you know, fucking insane. ⁓ but we had lots of ups and downs, you know, mainly after the share split, it was kind of just a lot of down. 2023 specifically was just tragic and he was just who knows what he was doing. He was biting his time. ⁓ me and Pauly got deep into the Dark Pool shit. and you know, ironically, there was ⁓ there was there was five thousand five thousand share buys because he likes to buy calls five thousand at a time. ⁓ there was a lot of those in the dark pool that didn't even start until September tw no, sorry, until June 2021, like his last I think it was June 14th, 2021. These five K's in the Dark Pool started and they stopped September twenty twenty three. so I was fully, you know, deep in this shit. That maybe he was ⁓ buying the whole time because when he did come back, he came back in April twenty twenty four, and the first time we saw his his portfolio, he had five million shares. So Who knows what was happening in the meantime? I don't think he was like just buying the whole way down. I I feel like he's probably understands these cycles ri really well at this point. him and Arcy both do. So yeah, he was gone. He was quiet. Not much happening with him at all. In fact, we well, we did get one thing during that time. We kept getting the you you know you avocado and my anus. Yeah. He was he was updating that every every cat day. it would be just a different meme. So so we did get that, but we didn't know that was him until he gave us the meme movie in twenty twenty four. That's so wild. Yeah. So quiet, ⁓ GME's down to ten dollars. If you go back to the echo chamber Discord on these days, it's me arguing with people talking about you know dipping under twelve and we even made a fuck twelve meme and it was just it was just not fun. It wasn't great. ⁓ and then April twenty twenty four the chart starts moving. I d I think did I pull it up? I had yes see. So this is April twenty twenty four. He showed up and it's him. ⁓ he showed up the the I think it was a Friday. Let me find the exact date. But it was like after OPEC. It was OPEC settlement, perfect time for for GameStop to do its moves. And he showed up buying calls. We didn't know they were him at the time, but once you get the signature and the 5,000 shares figured out, it's a lot easier to see. yeah. And then this was there's a lot more of just thousands and you know, he was playing the tens and the twelves, and then he rolled those to the fifteens. ⁓ let's see if I have a tweet here somewhere. I'm not very good at searching. Anyways, so he was loading up, loading up in twenty twenty four. ⁓ April twenty twenty four at ten dollars. The most perfectly timed thing ever. ⁓ the chart reacted nicely. And if you were around then you started seeing the calls come in. Let me just see if I can find it here because Yeah, I I know you You're actually on the timeline because you have ⁓ a post seeing those five K blocks right before his return yellow. Yeah. I ⁓ like end of May. Yeah, so I asked him, well, when he did come back, I asked him, I said, This is is this you? But prior to that, we we were seeing all the calls come in. And then it was great because it allowed me and anyone who was playing the calls and watching them ⁓ an opportunity to load up before he did come back too. 'Cause they were there were all these calls were sitting on the chain and I just kept saying, like, he's still in, whoever it was, mystery call buyer is still in, I'm still in. And it was we a lot of us thought it was kitty, but a lot of people were just like, He's gone, he's never coming back. He's you know, same shit they're saying now. It was it was then too. but he he did come back and he came back with a vengeance. I ⁓ let me see, I can search this way. I'm gonna say this year. Yeah, his trigger was returning that ten dollar mark. I think the low during that stretch was actually ten dollars and one cent. Was and he he drew it on his latest live stream in 2024. It was returning to that mark after they turned off the buy button where it flash crashed down to ten bucks for I don't know if flash is the right word because I think it was more than a day. But yeah, he drew a line. He's like it returned here, I'm back. Yeah. All right. Well, I'll just kind of move. So I'm I'm fading here, Mags. This is this is longer than I've gone in a while. All right. So let's see. ⁓ so he so he comes back with the calls in April 2024. ⁓ but we don't know it's him. And then on Oops Moass My Bad Day, which is May 10th. And no, it's May 12th. That's when he came back. But first we got a run Lola one run retweet out of nowhere on ⁓ ⁓ Valentine's Day post that had been made. ⁓ you know, Ren Lola Run was famous for bet on twenty twice and and he did bet on twenty. It looks like twice. ⁓ he definitely bet on twenty when he ⁓ after he had come back. So let's see, chart. I don't want to. Anyone who had those calls, that was awesome. That was ⁓ an amazing time. I've never been happy to get sick, but I got pneumonia on the Tuesday that he came back. So Tuesday the 14th. And ⁓ I didn't trade most of that week. So that was that was great. That was ⁓ the best time for that. ⁓ because we hit 80 at In pre market, straight up. Let me see if I can get to Yeah. Eighty on the dot in pre-market. I think it was the morning on that Tuesday. ⁓ and just for everyone who wants to say RC Rugs all our runs, we touched eighty in pre-market on a Tuesday, and that offering wasn't even announced till like thirty-two here on that Friday. So three days of straight ⁓ man. And these calls up here, guys. ⁓ my god, it was insane. It was insane. Calls that you were you're buying for fifty cents, you were selling for sixteen dollars. Like easy, easy shit. And his he was he had like ⁓ my god. He had so much shit. He made so much money off those like out of the money calls that he had bought in April. It was just insane. So like there's no question for me now that he has any kind of funds that he might need. Not like crazy, but you can't put anything past him at this point, would be he has the means and the ability to get it done. So, ⁓ So yeah, he comes back and then RC does the offering, like I said. ⁓ you know, talk all the shit you want. These two offerings that we pulled off here are the reason we're talking about buying eBay at all. So but during that offering, we get he starts buying the twenties. And the well the me so the me movie too. And ⁓ so there's so much bro. ⁓ but the me movie comes back the week he comes back. So You get the gamer moving forward on Mother's Day. And ⁓ and then it's on. And then it's just memes after memes after memes. Go ahead. You're gonna kill me, but let's ⁓ let's just finish the timeline. This is like it's perfect. I'll I'll I'll drive it so you can have a breath. But it's like it covers all this stuff too. And I think there's some important nuggets. There's one thing I wanna cover actually. ⁓ okay, where are we? So go go back a little, go up one. Promise I'll be quick. Up a slide, where are we? I'm at five twelve twenty four. So spring twenty twenty four. All right, so where are we? Okay. Let me make sure I'm on the right. Right, so okay. This period right after he disappeared. So pretty quiet. I'll just go really quick. He buys Cohen buys a hundred pre-split shares. He buys another four hundred and forty-three on six nine. So the what two year anniversary of when he was chairman? ⁓ yeah. ⁓ sixty nine. Exactly. That was right after ⁓ not for long and everything. But this sequence of events I think is important. So nine twenty eight, he becomes CEO. Then twelve five, one year before the Time magazine post, ⁓ GameStop approves an investment policy, which allows them to buy a wide range ⁓ a wide range of securities, including ⁓ stock. So okay. We have a CEO and we have somebody who can invest, like freaking Buffett. ⁓ and then March, yeah, they have more framework, and then GameStop reports six point seven fiscal year net income. For fiscal twenty twenty three, the first positive net income in a fiscal period they've had since twenty seventeen. So see how this thesis is building right before he comes back. And then for twenty six twenty-four, Rory Rory Kittinger. ⁓ that's when he he updated his ⁓ charts. Yeah, and on that date. In twenty, you know, twenty twenty six, we also got an update on the last Friday of April to Roring Kittinger, just to put that out there. Go ahead. Exactly. Pro, so same thing, right? That's the gamer lane to me, because that's when the open interest on those ⁓ calls just went through the roof right there. ⁓ and then yeah, and then game GM you just said that trades near ten dollars and then go to the next one. March or wait, the next one. Here we go. Now we're now we're in the fun spot. So yeah, he appears to buy all these calls. Wait a second. Go back. Sorry. I just want to make sure I'm not missing anything here. See, look, I told you you're on the timeline. ⁓ so he's based on open interest, and I have a slide for this. ⁓ 422 to 510 open interest goes through the roof, and that's like really indicative of of when he starts buying. of calls. Yeah. The best reconstruction from the Sherwood publication I found was 95,000 May calls that cost him roughly 7.4 million dollars with 133 million in proceeds. So like he didn't think like boom a 7.4 million. And again we'll kind of go through the math there in the range. But wow like I mean that's a huge well-timed very patient trade ⁓ before Ziello. Yeah. So I yeah. I'll get into that in a little bit, but just think about that. So then five twelve, gamer lean, and then you post over a hundred memes ⁓ from that period. And then the ATM on the seventeenth, and then another or that's complete. They raised almost a billion dollars on the twenty fourth of May. Go ahead. And then I'll go on my side too, so I can stay ahead of the delay. It's weird that you have a delay, by the way. Are you watching YouTube? Yeah. ⁓ okay, that's why. ⁓ god. Okay, I forgot. My phone's on my desk. Yeah, you're right. My bad. ⁓ okay. So yeah, 520. This is where you caught it. The five K blocks. ⁓ you had a post on 524 calling those out. The June twenty-one, twenty dollar calls. ⁓ and then on six two is that return yellow. 120K June twenty-one calls ⁓ with a twenty dollar strike. You had twenty nine point three million cash. ⁓ that cost basis was one hundred seventy four. So go to the next one. ⁓ you're on it. Okay. Sorry for it. This is what's fascinating. Cause I was when I went into this, I'm like, how much money did he freaking have by this point before he entered any of this ⁓ these trades in 2024? Because I'm trying to understand like how much money, like we were just saying, how much money did he make from 2021 and 2024 as a silent investor? And thinking about how his targets was always like 50% to 100% returns every year. that would math with what this says. It's basically saying if you take if you consider so on the far right, it shows the change. So April 22nd through May 10th. And if you look in the far right column where it says combined, that's the combined open interest on those calls. So it reflects the positions that are remaining open the day prior. So it goes from 9,000 and then quickly bloop 39,000. And then it kind of stays and then increases up to 80, up to 95. So their calculation was let's say he is 80% of that, which could be aggressive, could be fair. I mean, he knows what he's ⁓ about to do, right? So by that estimation, ⁓ and they estimated that he sold these calls because you don't see them in the YOLO, he sold these during a May 13th to 16th rally. ⁓ so assuming he sold all these before the May 17th expiration. And they used ⁓ I think they used a VWAP calculation too, actually. So by their estimate, 7.4 million was ⁓ spent on those calls, and then he'd turn around and ⁓ turned that into 133.9 million position. So you don't know. I mean, there's a lot of unknowns, right? He have had other positions, other strikes. He could have had trades before this. Who knows? But I think it gives a good estimate. So if you take that and you look at the yellow and find the difference, it says he would if this is truly the right calculation and captures everything. He had roughly 77 million dollars going into 2024. So basically, you know, doubled from the twenty twenty one return. ⁓ twenty twenty one when he left. But of course he had taxes, he had all sorts of stuff. So it's not like he had 34 million that was truly dedicated to investing. So I still think that's very impressive if that's the mark. He was at seventy seven million, returns, makes over a hundred million on a seven point four million dollar investment. And I don't think you can blame Cohen for that. I think he's fine with Cohen, to be completely honest. ⁓ so yeah. I don't know. That one was pretty interesting to me. Yeah. I just was kind of flipping through. This May twenty three, May twenty-third. Like we weren't sure it was Kitty, right? Because he didn't drop the YOLO update till after this, but ⁓ Yeah, he was balling out of control with those calls. Yeah. Hey guys, SSR today, by the way. Woo! Let's fucking go. Remember that? Good times. ⁓ God. Yeah, this was here we go again. So this is April. When was this post? April twenty-fifth, twenty twenty-four, the thousand started coming in. Look what he was buying these fucking things for. 85 cents. Yeah, you found it nice. If you go see, if you go see what he sold them for, it's insane. ⁓ but it was just coming in like crazy. So okay, let's see. Let me get back here. Yeah, you were on it, dude. ⁓ bro. Yeah. I mean, we were we were at ten dollars and and all of a sudden a bunch of calls started coming in. Holy shit. We were All over it. And that's the case aga again by the way. Th everyone's all over it. That's why like short dated knows what's what's going on right now? But it's just like fucking if you're paying attention, you hang out and you follow everyone right on X, you're gonna know when it happens. You don't need to just be it's blowing a lot on theta. All right. Yeah, I think that was the biggest one for me. You can kind of this is just the math just reconstructed ⁓ that I talked through. Okay. And then I was just looking at like what else you could calculating ⁓ how much you made before that big squeeze right there. ⁓ what was that? May 14th? Was that peak? Yeah. So he could have made more than that. ⁓ yeah. Plus we don't know everything. You know what I mean? Like Right. Yeah. Who knows? Who knows what was going on in the background? ⁓ who knows what he did with Chewy? You know, there's all kinds of other tinfoil too. ⁓ here, let's just So yeah, okay. Yeah. ⁓ so He could We could kind of run through the rest. That was like the most of it, because the rest is really just a recap of he live streams another ATM, they raise two billion. Then he shows ⁓ his last yellow, over nine thousand shares. And then Yeah, and then Chewy happened, another over sorry, not nine million shares. Over nine million Chewy shares. Yeah. ⁓ on seven one that was revealed. And then Nine or on cat day ten twenty nine, he exited. and then yeah, and then we kind of have the story that we've been up to speed on. We have the notes. Yeah. They raise four point two billion. ⁓ what else is interesting in here? The warrants, which is a hot topic, ninety days out now. ⁓ Bury returns, shows Jimmy part one, Jimmy part two, now he stock chart. Now he's tweeting that he's not buying GME. Thanks, Burry. That what the fuck are you doing? Yeah. That one kind of annoyed me. ⁓ I get why he came off of it because he wanted him to be a Berkshire type of investor, blah, blah, blah. And that wasn't his thesis when it was the eBay offer, but whatever. I don't know why he's trying to say that. At least he deleted it because I never saw it. Yeah, he did. That's good. ⁓ but yeah, I mean, pro status on Rory Kittinger's stock chart, which I think is significant. Four twenty four twenty six, like you were saying, four twenty six twenty four was the last time that thing was updated. All right. I'm just clicking around, sorry. No, I'm I'm just clicking around on my side too, just kind of rattling through. ⁓ so yeah, then we have the offer. I don't think there's anything new in here that's worth bringing up. ⁓ X activity ⁓ shout out newsnake. X activity shows Rory ⁓ Roar and Kitty signed in again on six fourteen twenty six. ⁓ yeah, which is flag day because the VPN changed. Well, and then you left off the other oops mo ass my bad activity, which is the hack. ⁓ yep, yep. ⁓ that happened. Yeah, everything ripped, but you know, for a quick second, but that happened as well on the day that, you know, you would maybe think you see something. It was like the anniversary of his mother's day, so ⁓ so messed up. Yeah. It's like, ⁓ my god, and then ⁓ So okay, let me let me get my notes real quick, just because I wanna Yeah, yeah, and I think I think the point of that is just like here's how it unfolded. We saw why he was invested the first time and what it took for him to come back full, like balls to the wall. And at this valuation, how could he not be feeling that same way? And I think some of that uncertainty. I mean, there there is some five K blocks of I have to double check this now. ⁓ there's been there's been wasn't it twenty s twenty seven like feb calls? five K twenty twenty eight, twenty twenty eight. ⁓ we have seen a few waves of five K's come in at different times on the option chain. ⁓ some of them aren't bullish, by the way. yeah, true. It's like ⁓ yeah. We've seen a lot of five K puts. No, not a lot. We let me see. ⁓ I don't I don't have I'm not gonna be able to sort through all this right now. But ⁓ yes, we have seen five Ks. We have seen some things that could be considered him. we saw those dark pool five K buys continue. You know, just I guess a quick theory I had was that first ⁓ you know, he had five million shares before all those offerings. ⁓ he would have been very close to say five percent before that first offering if he had those shares too. So my whole theory was that he was buying shares to get to five percent. He wanted to push the button. He he's trying to, you know, do what RC did. He he's trying to get on the board. If that's the case, you know, maybe ⁓ those offerings were a reaction to that. And then that would mean that they aren't necessarily on the same page. But I don't think so. I think I think this personally was all kind of like part of the plan for the most part. I know he unfollowed RC, but You know, if you're invested in a company and he made hundreds of millions or whatever else he made on the side with these calls, you know, the the best thing you could do is like put it in a position, if you have the power kitty does, put it in a position to win going forward. And that's what he did with his with his return. ⁓ he put us in a position to make what how mu was it two billion? ⁓ I don't know if I have that in front of me now. It was like yeah, three billion. Yeah. Two separate offerings. Yeah, two seven. Three actually offerings if you count the September one. That was fucking weird. ⁓ yeah. Yeah, three point three point four billion. We had three offerings. First one was 45 million in May, 933 million we made. Average fill on that was twenty dollars. Yeah, so that's the one he waited on, guys. That's that's what happened when he let the top happen and then waited four days and then announced. ⁓ in June, ⁓ right before on Kitty's birthday, I think. Yeah, right before the live stream that was scheduled. Brutal, fucking brutal. ⁓ seventy five million shares at we made two point one billion off those seventy five million and we filled that at an average of twenty eight dollars and forty nine cents. And then ⁓ September is twenty million for four hundred million dollars at twenty dollars a share. Very weird. not very weird, but just kind of odd. And we were thinking all kinds of shit back then. So we're when you go back to the tenfold. But twenty four seventy nine was the average of those three offerings. So, ⁓ just to kind of talk about buybacks real quick, I think anything under that, if we can do a buyback under that, it's a win. now taking into account what's going on with the bonds and all that shit, I'm not sure where you know I don't know what's a win right now when it comes to that, because the bonds are twenty nine, right? We want twenty nine at least, so okay. All right, so we had the offerings. ⁓ he's silent. He well he he does the live stream. ⁓ that was the last YOLO update too, right? Yeah. Yeah. Yeah. And I think I think we can kind of bring it to today, right? Like we know everything since then. We got four point two billion, all those offerings before then. Raised the cash, made the offer to eBay, the warrants, blah blah blah. So now it's like it's kind of this waiting game for me where I think. The detailed presentation or the TO will realize ⁓ will help everyone realize how bullish this offer is compared to what the media has been expecting. But from a kitty perspective, him looking at the situation, if he sees the same opportunity, this is trading well below ⁓ core value. He just went pro on 426. And I had this math. I mean, we're talking about like I don't think he needs to grind to get there if this all plays out to have the five percent own ownership. I I wrote this a while ago just kind of mathing because I found there's blocks on two twenty-three, two thousand twenty-eight, and I found I calculated if he bought twenty million of those calls, twenty million worth of those calls. So thinking about the seven million that he invested to make one thirty. If he spent twenty million and if there's a huge reprice Like near term, I'd say within the next couple of months, say Jimmy reprices the thirty-five. That position gets him to like seven eighty-four million just off of that twenty million dollar bet. And if he sells seventy-three percent of that, he can exercise the rest of the twenty-three percent and get five percent just with that one trade. Which is like there's just opportunity with how depressed everything is right now. And if this really turns out to be a huge catalyst going into eBay. I mean, there's a pathway. And if you want to do tinfoil, if you add 109 days from 426, it lands on or sorry, it's 424 is when E turn pro. So what 424 plus 109 days is August 11th, the final dog day of summer. And then what else is weird? If you add 420 to that date, it lands on 618. Which was the last time he went silent before he came back. So some ten. Real quick, nineteen ⁓ one. We're catching a little bid to end today. Thank you, Adam, for bringing that. Shit. ⁓ thirty-eight point nine three million volume. get your trades in if you got any. Do I want shit? Do I want any? Markets closed. I got five minutes. Four minutes, ⁓ four so sorry. Ivy's high as fuck though. Let me sorry, let me think real quick before we close out this day. Sorry. Yeah, yeah. ⁓ let's see. Thirty day Ivy is fucking through the roof. That would be just brutal to like get cr Ivy crushed and it eat shit for a little bit too. So maybe maybe just stay away. Sorry. ⁓ twenty IV's at fifty one point three right now, which any other time that would be low IV, but over the last year or so, pretty high. Crazy. Twenty twos are twenty bucks, by the way, guys. For August Opex. Far out of the money. All right. I'm done looking at the chart. I'm gonna let it end. I'm gonna let it end. That's fair. We went deep. It was fun though. I'm glad we ⁓ did. ⁓ yeah. What surprise today on a shitty day. Yeah. ⁓ I'm gonna hold out for that reverse island thinger you're talking about because I think I think the I'm telling you I'm telling you, the way he's talking about the structure of this offer, it's gonna be a surprise. ⁓ that's what I'm I'm hoping on. That's you know, my speculation, but god damn it. ⁓ sorry to swear like that. But the echo chamber, yeah. There you go. Yeah. I I just can't wait to see those details. I think that's gonna be a huge event and I hopefully, you know, there's some dominoes that fall after that. Yeah, I would think, right? Yeah, so I kinda let's we can we can let it run out here. Three minutes to close. I won't bring it up much. AMC's a little bit up. I'm going to see Spider Man with my daughter on tomorrow. Nice. Pretty excited about that. It's the number two opening movie behind Endgame, which I that means it's pretty popular. I like that shape. Yeah. So I'm gonna ⁓ Do that. I guess the only other thing well, I have lots on here. We because we didn't even do the meme movie. ⁓ that's something we attempted to. I just thought, you know, the Chewy filing was pretty cool. ⁓ he dropped the dog on nine six. We got ⁓ the I'm not a cat filing at the beginning of July. Yeah, that's what it was. He put that on a filing, by the way. Pretty fucking pretty cool, just steady being a badass for us. ⁓ ⁓ wild. Yeah. And then he announced it on ⁓ cat day, national cat day. So the you avocado in my anus day. that that was literally the only tinfoil that we've ever got right as a community, I'm pretty sure. I know. And we seriously yeah, everything else we missed on. ⁓ but that one we waited because the date of where that event required that required the filing was a nine thirty. So he waited to file just for that 10. Ten twenty nine. Which I think was at four twenty. ⁓ yeah, that was all planned. Because yeah, he didn't have to send it in until like mid November, I think. Yeah. Yeah, so maybe not, yeah, it might have been. Because he was he wasn't act he wasn't it's like a thirteen D or whatever, or F, whatever the difference is. But ⁓ so he didn't have to file it within two days, yeah, like a month and a half or whatever. ⁓ and then ⁓ they they literally killed an ex president. To stop our run. Jimmy. Yeah. Jimmy messing with Jimmy. Jimmy caught it. All to to stop the ⁓ one ⁓ nine hype train and Greg fucked a cake. Those those two things were the end of our run. that's I got a reply from Greg. Did you? Huh. Yeah. I I was he was bitching about the the price of trading cards at GameStop. ⁓ yeah. I'm like I basically was like, Well, buy it from a freaking scalper then, 'cause you won't get scalping from GameStop because of that or whatever. And then he's like, I don't have any problem buying from Walmart or Target. Like, well, then why are you complaining? Just buy from there if they're not sold out. Anyway, it just thought it was funny. Shut up with millions of followers talking shit about GameStop, bro. Chill out. Chill out with that shit. I mean whatever, do what you want. ⁓ let's see. ⁓ one ⁓ nine was like the tinfoil that killed tenfoil for me as well. ⁓ that we got into it a little bit for the four twenty stuff in twenty twenty five, but ⁓ I was so heavy with the times timestamps of the live stream and thinking it's time for, you know, the new year and that'd be that's the second time I've like rugged my own self mentally at a new year. 'Cause I remember going into twenty twenty two. I was like expecting the marketplace to be launched. I was hanging out in some fucking metaverse apartment with my buddy. Just watching fake fireworks, thinking, ⁓ it's gonna happen. ⁓ that and then and then and then, you know, ⁓ one ⁓ nine, it just I swore it felt it felt right, the tinfoil felt right. And it they literally closed the day for us. Like that yeah, fucking wild. That shit's wild. When you tell stories in the future about the shit that went down with this, if you do, like that's crazy shit. Like to me at least. But anyways, ⁓ And then you know, since then it's all the tin flows for me at least it's like come way down 'cause you lose money off that shit. And I'm not really trying to be like spreading just everyone was we were all in on the fucking it was gonna happen on ⁓ one ⁓ nine. That was the biggest tinflow date we've seen, I think, ever. Yeah. And it just didn't go well. So okay. ⁓ hype dates have zero percent accuracy. Yeah, and they yeah, yeah. Now it's just like Now it's just like you can't even like take too many hype dates seriously anymore. you shouldn't, at least. Nineteen ⁓ six, we closed? We closed one ⁓ one three ⁓ two or whatever time it is, four one. Nineteen ten much volume? ⁓ we did forty one million today. Forty one million up holy shit down twelve point two five percent. ⁓ who knows though? Like this is where RC double taps and like maybe not double taps, but single taps us and ⁓ drops some good news out still some volume. ⁓ yeah I mean after was it the first convertible or the second one? He bought like half a Billy worth like it was like the day after it was the first one I would think. And he did that. Yeah it was. And then ⁓ he's bought like June twenty twenty three he bought right after the bad news. ⁓ for not for long, but he's blacked out. He's gonna be blacked out probably till Yeah. No, I'm not expecting that. But the offer or the tender offer or the detailed presentation. Yeah, you're right. That's what I'm hoping. Yeah, yeah. Like he like I we were saying a while ago now is that he ⁓ he he tries to play these cycles, I think. So we're coming out not there yet. But anyways, okay. yeah, I don't know. Follow follow on YouTube guys. ⁓ congratulations to New Snake on winning the the Pikachu, will have to get you guys together, figure this one out. Yep. But but good job there. see you. Subscribe on Spotify, follow on Apple Podcast, ⁓ comment, guys, like all this we ⁓ interaction helps with these these things. ⁓ chatting here, liking the show stream, ⁓ commenting on the show, commenting on the post. Every little bit of interaction helps and it's it's greatly appreciated. So if you find yourself in Spotify, drop us a comment. We're almost monetized. We're out we're at four hundred and nine subscribers for the YouTube right now. Yeah. It's pretty nice. It's pretty wild. Dude, yeah. I mean, I think of your show and all the work you put in, episode ninety. Yeah. It's wild. And you think of ⁓ Amet Investing just had Palantir's CEO on his show. And that's just wild to me. So I honestly, dude, I think you need to keep going. This is really good work. You're talking about things the right way and you're opening like you're you open up a good discussion that's not super biased. Yeah, it's the echo chamber and verbowls, yada yada, but it's not like never sell or like any of the other things. You know what I mean? And I think it's a great discussion. And when this reflexivity kicks in and there's there's more attention, I think you're gonna be well positioned. so yeah. I I just hope you get over that hump. And I I hope it's very soon. Thank you. I appreciate it. We're just grinding along. I hadn't done done the YouTube thing until like May. Should have probably started focus in there. But ⁓ it's nice getting some good support. I appreciate all you guys coming out. Good to see you, Sensei again. ⁓ f sensei wants me to stop. Sorry. You've been asleep Sensei. You've been busy, bro. But I think we might have some opportunity here because you'd said that you got some ⁓ Free days coming up here on a day that I'm off. So we'll get together, bro. You do need to come to us. ⁓ tune in. Yeah. Sensei streams are always the greatest. A little bit of volume on that second minute. I don't know. I don't know. I don't know about that. ⁓ let's see something. all right. Yeah, no, I appreciate that. That was those good words. I I ⁓ we started in you know with this stream in May and then I appreciate everyone coming out. It's it's a good little group we're getting out here. We got our regulars like Adam and New Snake has been out here pretty much. Well, New Snake's just around us. He's in the Discord. He's been on the show with us too. I saw Jim Zimmer a couple times now. ⁓ that was cool to see you, bro. Strawberry Moon's always out every time. God, I have been away from my mic. All right. Thank you guys. I appreciate you coming out. I'm like looking up and like now I can hear him. Yeah. I was Yeah, sorry. No, you're good. You're good. All right. Anything before we get out of here, Mags? We laid it out. I think that was really fun. I might even rewatch some of this just because I like the discussion and the reminder of everything. Like the comprehensive picture, I think is really cool to keep in mind ⁓ on these things. Zoom out. We get like such a zoomed in perspective from time to time. ⁓ I again I have a very bullish short term thesis that I want to see play out. So fingers fucking crossed. And all that's left to say at this point. Let's fucking go. Let's fucking go. Yeah, good job, bro. I appreciate you coming on. ⁓ we we I I we need to do something just meme movie. Like I need I I need to get my meme movie fixed and ⁓ I know. Well, yeah, I thought this was gonna be more like chill and like BSing and tinfoil and memes and stuff, and then we got that freaking five AM correct. Yeah, I know. We yeah, we sure did. All right, well we'll have to do this again sometime, maybe. Yeah. We get sensei on so he can stop yelling at me and then ⁓ Yeah, we need we need some cheers. Cheers going on. Yeah. Cheers and tendies. Cheers and tendies. All right. I think that's it. A little bit of a wick. I kind of like that on the daily. Let's see it. 1855. Who would have thought I would have called you. In fact, I probably talked shit to all the people on X who said this. So, anyways. Fucking wick off. I'm so annoyed by this. There's a few of them. I called it. I will say. Or the glacier guy is like, I told you. I will say that some victory laps, but if you know, if you call something and it happens like a year later, I don't know if you should be a Take a victory lap on it. So this isn't TA. This is yeah. Anyway. Anyway. All right. All right. Thanks, Magnificent. Thanks everyone for coming out. Let's fucking go GameStop. Let's go. Let's go. Love you guys. Where is he?