GME-eBay deal

This is a very long shot — and incredibly ambitious

GME’s $55.5B offer for eBay breaks down to roughly half cash, half stock (~$28B each)

Cash side: ~$9.4B on hand + a “highly confident” $20B financing letter from TD Securities

Stock side: issuing ~$28B in new shares to eBay shareholders

GME is selling the vision (and gamer culture) — but at the cost of massive dilution to existing GME holders

Enormous size mismatch, high execution risk

Feels a bit like Michael Saylor betting on Bitcoin hitting $1M