GameStop CEO was on CNBC and acted like a total dick the entire time after they asked him how financing would work for this deal [1]. It appears that he's upset that Squawk Box previously stated that GameStop is a bankrupt meme stock. This is probably one of the funniest CNBC interviews I've seen.
r/wallstreetbets has been having an absolute field day with this interview, gotta admit it's pretty hilarious.
I guess wallstreetbets can giveth (given they're probably the primary reason Gamestock even still exists as an independent company today) and taketh away.
I have to imagine that this performance was intentional and this guy is not just out of his mind.
Just find it difficult to imagine anything outside of market manipulation: either an eBay pump and dump scheme, or collusion to get investors to sell as the inflation comes down so activists can pick up more.
I did some digging today and learned that he currently takes no salary and stands to make an unbelievable amount of money if he hits certain (pretty unreasonable apparently) benchmarks. I think it was $35billion. My very armchair guess here is that he’s just trying something incredibly loud, brazen, and ambitious because at this point what else can you do? They’ve been falling apart for years, the business has not turned around at all even after the wildly inflated shares they sold to get some liquidity.
He’s already rich and GameStop is falling apart, so really what’s the risk to him if it all goes under? May as well try a moonshot and move on. It’s not like anyone will hold him accountable for failing to turn around a ship that was already deemed sinking many years ago.
Could be. But he has to secure board approval for doing something like this. So he apparently was able to convince the GameStop bod that this is a reasonable play.
One has to wonder if there's an unstated interested party ready to back the deal.
Very good point. While I’m very skeptical this will even occur or that it’s a good idea, there is certainly some logic to it. The question is are they all joining in a group delusion, an opportunity to make their final big bucks and walk away, do they really see a path forward, or is it something else entirely. I guess we will find out lol
Not trying to get into conspiracies, but about a month ago Michael Burry revealed that he opened a position in $GME which seemed very strange. Now with the news of a potential eBay acquisition I wonder if he's in on this pump and dump scheme if that's what it is.
[1] https://youtu.be/Bmj2PaxX24E