Ryan Cohen Tried to Buy eBay With Fake Money and Reddit Is Losing Its Mind

Let's set the scene: $GME has a market cap of roughly $12 billion. Ryan Cohen just bid $55.5 billion for $EBAY. The financing plan involves $28 billion in new shares GameStop isn't authorized to issue, a non-binding 'highly confident' letter from TD Bank, and what appears to be sheer audacity. Patrick Boyle's breakdown of this deal on YouTube is currently doing numbers, and for good reason — this is less a merger proposal and more a performance art piece.

The guy who started the original GME frenzy, Michael Burry, has already exited his entire position, flagging 7.7x EBITDA leverage and dropping the quote of the year: 'never confuse debt for creativity.' Meanwhile, WSB is split between calling Cohen a galaxy-brained genius and slowly realizing the math doesn't math.

Reddit's highest-upvoted DD posts this week are basically five stages of grief in reverse order — and somehow 'buy' is still stage one.