Do it for the memes @elonmusk 🤝 @ryancohen

Cohen isn’t only incentivized to push warrants ITM. He’s also proving $GME’s value to $EBAY shareholders. This is critical. Those shareholders need to understand the equity value of both companies & what the combined NewCo equity value is, before they can seriously consider the offer. They also need to decide if they should opt for more than 50% equity. That means having an accurate valuation of the equity, compared against the $125 per share cash consideration. Cohen could have released a detailed presentation with valuation calculations of this rollover equity offer & argued that M&A arbitrage/the market depressed $GME by misunderstanding the structure. But there’s a failed precedent for that. Valeant had a cash/stock rollover equity offer for Allergan back in 2013. Their stock fell & they argued the value misunderstanding in detailed presentations before & after the TO. The market didn’t care and the stock stayed depressed until after they were outbid. Examples attached. The same would have been likely for GME if the presentation was released when the stock was in the $18s. Instead of convincing others of valuation calculations, he’s proving $GME is undervalued with his wallet. He’s also proving that the market agrees. If the market didn’t agree, his purchases would’ve remained in the low $20s. $GME trading at a higher market cap, significantly changes how a detailed presentation & TO will be received by $EBAY shareholders.