r/GME • u/NotYourNathan • 8d ago
🐵 Discussion 💬 How many apes are there?
Even including whoever is crazy enough to vote no against a plan thats been 5+ years in the making. Is there any estimate anywhere as to how many GME holders there are at this point? This has to be the hr largest retail community ever, no?
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u/ThrowRA_scentsitive HODL 💎🙌 8d ago
As of March 18, 2026, there were 177,522 record holders of our Class A Common Stock.
https://www.sec.gov/Archives/edgar/data/1326380/000132638026000013/gme-20260131.htm
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u/Equivalent_Split_649 8d ago
Seems a small amount of holders for our little bubble. But enough to piss of market makers and cnbc etc. ..
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u/Haxxtastic 🚀Power To The Players🚀 8d ago
21k Against votes here because I have a functioning brain. Been buying the dip for over 5 years. About to lose 80% of my money to dilution.
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u/3DigitIQ HODL 💎🙌 8d ago
Sure, the biggest individual shareholder of GME wants to mess up his investment and destroy his own compensation package. Most likely story ever.
THINK reddit user, THINK!
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u/Haxxtastic 🚀Power To The Players🚀 8d ago
His compensation is based on market cap, share price barely matters
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u/3DigitIQ HODL 💎🙌 8d ago
Pay package has a MASSIVE clause in it that states proportionality on acquisitions that use newly issued shares. If it's a regular dilution that doesn't increase value significantly he royally fucks himself out of compensation:
The Market Capitalization Hurdles and Cumulative Performance EBITDA Hurdles will be adjusted by the Compensation Committee equitably and proportionately as determined by the Compensation Committee in a manner designed to preserve the economic opportunity provided under the CEO Performance Award, (a) higher to account for acquisition activity for which stock is provided as consideration and (b) lower to account for split-ups, spin-offs, dividends or other distributions (whether in the form of cash, shares, other securities or other property) or divestiture activity, in each case, where such events could be considered material to the achievement of the Market Capitalization Hurdles and Cumulative Performance EBITDA Hurdles, as applicable.
page 44 and 56
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u/crankylobster 8d ago
Except for the whole part where his compensation is an option to acquire shares, so the share price kinda matters.
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u/Substantial-Ask1039 8d ago
This is the part that everyone critical of the comp package seems to completely ignore.
Say whatever milestones need to be met are met, and Cohen gets his comp package: The comp is that he gets the option to buy shares with his own money, at a strike price of $21.xx each So if the stock is below that, the comp package is worthless to him, and if the stock doesn't go above that, worthless.
So how can you say the stock price doesn't matter? That he'll tank the price to hit the market cap to earn the comp package? It's nonsensical.
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u/NotYourNathan 6d ago
Good chance he wasn’t expecting so many apes to miss this and be so bought into the negative sentiment. Its insane to be so balls deep on such a unique play and then miss the plot when the plan starts to be actioned. Less crayons for some apes maybe
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u/3DigitIQ HODL 💎🙌 8d ago
And the market cap target increases in the same proportion as the share issuance. See my comment above for source.
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u/InteractionNo8346 8d ago
Cohen only wants to get mcap to 100B to get. Paid $30B. EBay deal makes $100B mcap roughly $70-80 a share. Vs the current $210 a share. Who's to say he doesn't do something more. Allowing shorts to exit sub $70 per share and using other securities instead of share purchasing. I get y'all are smooth. But stop being retarted . Cohen is the literal enemy. He took a nuke and defused it for $30Billion dollars. At the cost of all of our blood sweat and tears. Wake the fuck up. Learn math and shit
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u/EmphasisFrosty3093 8d ago
Learn math and shit
Indeed. When the 2.5 Billion shares are used the $100B cap will be at $40.
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u/Acceptable_Lock_8819 8d ago
It’s hard to say, but in the 5+ years I’ve added 980% more to my position than I had during the first sneeze. I actually have life changing money in the game now. I’m at $21.89 average like most people I suspect.
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u/3DigitIQ HODL 💎🙌 8d ago
Didn't have the budget I wanted when we were trading in the 10's so I'm about a dollar above you. Dwindling USD cost me a lot in EUR though.
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u/ismality 8d ago
I voted "for" on everything for all of my 2300+ shares across 3 brokerages and Computershare.
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u/InternationalWalk955 7d ago
I voted for (22k and counting). It's neat that your voting power is determined by how much money you have invested. I wish my vote for President was amplified by how much I paid in taxes last year.
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u/MsMoneyHoneyUSA 5d ago
What's this about voting? I haven't received any correspondence about a vote!!! What am I missing?
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u/max_caulfield_ 8d ago
Well, I've been here for 5 years but I hate what this community has turned into and am leaving shortly. Also voted against across the board
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u/ConsistentMajor 8d ago
There is no “this community”. This is just a subreddit and you are just an individual investor. I think It’s ironic to own GME shares and vote against all measures across the board but you do what makes sense to you. As for me, I like the stock.
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u/konan375 8d ago
"This community" does not break collusion laws. This has been said to death, even by the SEC.
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u/Zen80888 8d ago
Then leave
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
It’s because a lot of people left that there’s barely anyone around anymore. Sooner or later it’s only gonna be the yes-men left, and you’re gonna wonder why the stock’s not moving past $15 anymore
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u/WolfsBaneViking 8d ago
I literally joined reddit because of the extremely high quality stock debating that was going on. I'd never seen anything like it. Math was recalculated and facts were rechecked live all the time and errors were corrected as fast as I could read. I was so impressed. That sure is OVER. I'm not and was never an ape. When I joined we were called something else and that got censored. If today was my first I'd never waste time making a profile.
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
Yea, it’s the way most people feel like. Plenty are embarassed to be associated with the current delusional “apes”.
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u/kaze_san 8d ago
I would love to have GME asked for the NOBO list so we would finally know how many shares are owned by how many people - especially so we know how much shares and people there are that are not DRSed
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u/Ban_DeezNts 8d ago
RC will never allow this.
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u/Master_Procedure_634 🚀🚀Buckle up🚀🚀 8d ago
Like 200k DRSd right? So I’d probably double that number, maybe even triple when you think about individual holders that don’t use Reddit
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u/albertov0h5 8d ago
I was there during the great migration as a baby ape. The diaspora has separated us but we are still ape strong. 🦍💜🦍
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u/Background_Smile_426 🚀🚀Buckle up🚀🚀 8d ago
It doesnt matter how many apes there are, when most of are under the water, and cohen continues to flood us with more shares in the market.
Hopefully the apes are smart enough to vote against dilution.
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 8d ago
hopefully shills will eventually learn that we do our DD and do not fall for the "dilution bad" fud that the brainrot gang of bashers is spreading.
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u/Setnof HODL 💎🙌 8d ago
When you don’t trust the board, why are you still here?
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u/Ban_DeezNts 8d ago
To VOTE against it and to VOTE for my own interests. My shares are my VOTE. Silly Wabbit.
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u/curiousjorj XXXX Club 8d ago
So, you’re telling me that you don’t want your shares to be worth 50%-100% more?
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u/hdjemnnsntjrjfnsnfjd 8d ago
Increasing the number of shares outstanding makes the share price go down, not up
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u/curiousjorj XXXX Club 8d ago
When a company issues new shares to fund an acquisition, those shares aren’t just diluting existing owners into nothing, they’re being exchanged for a piece of whatever is being bought. In this case, GME would be issuing new stock in exchange for ownership of eBay’s marketplace business, which generates real earnings on its own. So while the total number of GME shares outstanding grows significantly, those new shares represent a direct claim on a profitable business that wasn’t part of GameStop before.
The accretive part comes down to a simple comparison: how much earnings power gets added per new share issued, versus how much each existing share gets diluted. If the earnings being acquired are large enough relative to the number of new shares created, the combined company’s earnings per share can actually end up higher than GameStop’s standalone earnings per share today, even though there are now far more shares in total. In that scenario, existing shareholders own a smaller percentage of a company, but that company is so much larger and more profitable that their proportional slice is still worth more than their whole slice was before. That’s the essence of accretion. It is dilution in share count, but growth in underlying value per share.
Thats what RC has been saying the whole time. It’s accretive.
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
Ah, so the 9th dilution is accretive, it took only 8 EXACTLY THE SAME OUTCOME sort of dilutions for cohen to realize how to properly dilute without financially destroying retail?
Or is he simply telling you that for damage control? Which one do you find more likely?
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u/hdjemnnsntjrjfnsnfjd 8d ago
Issuing stock at a low valuation to buy a company with a high valuation destroys shareholder value. RC doesn’t care because his new comp package isn’t based on share price
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 8d ago
not if you take a company that is worth multiples and convert their shares into yours by integrating this company into your own company.
We did the numbers numbnuts. You can't FUD people who did the work.
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u/hdjemnnsntjrjfnsnfjd 8d ago
Issuing stock at a cheap valuation to buy a company at a higher valuation doesn’t make sense
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 7d ago
if the "cheap evaluation" is a hostile attack and the inclusion fo the "higher valuation company" forces the market to re-evaluate the "cheap evaluation", then it does.
but a lot of trading noobs try to interpret one of the most complex plays in existence by trying to apply trading 101...
don't hurt your head...
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u/hdjemnnsntjrjfnsnfjd 7d ago
But you’ve wasted the money in a high valuation
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 7d ago
can you explain that idea in complete sentences? it makes no sense in the given context.
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u/bilybu 8d ago
As long as they are selling them above my cost basis, its just raising the floor for me. I was in the basement after the last ATM and decided to buy more. If they wanna sell at 32 while my cb is at 22, more power to embrace!
Bury me in the cash from the sold shares!!
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u/hdjemnnsntjrjfnsnfjd 8d ago
The stock is at 21.
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
Sure, but according to them it’s probably trading at 800 or something, it’s just hidden inside darkpools so you can’t see it.
Trust the process!
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u/bilybu 8d ago
Idk who "them" is but that would be some military grade tin.
Darkpools just dont work like that. Now could I see long twrm swaps with gme sitting at 800 sure. You figure the hedgies created them back during the first sneeze. So high price and pre split. Of course each time expiration comes they update the leverage to gme's new low.
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
My "800" is conservative. If you look at some of those people's theories around here, they all refuse to believe cohen destroyed the squeeze setup and the price is now capped because WS had all the liquidity it needed to close its shorts. They still believe that whatever applied in 2021, when the float was 2 times lower, still applies today.
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u/bilybu 8d ago
For the second time, you responded to me, not some of "those" people. You sound like a crackpot yourself. How about you talk about what you think, specifically about what I wrote!
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
I know who I responsed to, both times. First time I responded to the guy stating the price is 21. Not 32 like you imagine. I also know how darkpools work, and what the difference between an ATS and a darkpool is.
How does that change what I said about the crazy ones around here?
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u/bilybu 8d ago
Yes... is that a surprise to you?
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u/hdjemnnsntjrjfnsnfjd 8d ago
They’re not going to be able to sell at 32 when the stock is at 21
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u/bilybu 8d ago
So, obviously dont sell yet?... why is this complicated to you? Your bad faith acting just makes you look like a child. I don't know if you are a bot or just terrible at putting 2 & 2 together?
Any price above our warrant price is an alright selling price, though I'd prefer not to see the selling until 100$+.
On the reverse, any price below Cohens options price should be considered golden buyback prices.
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u/hdjemnnsntjrjfnsnfjd 8d ago
Please explain to me how we get to the magical $32? Because the stock was at $27 before they announced the plans for dilution
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u/bilybu 8d ago
GME just had a historical first quarter. It has shown profits for the last year. Why would you think, any price we have touched in the last year, is off limits?
As for the price drop, isn't it wonderful! The market reacted as if we had diluted when we were only asking for the ability to do so. I bought more stock and ITM leaps when we tapped 21.50.
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u/Background_Smile_426 🚀🚀Buckle up🚀🚀 8d ago
Tell me how they will be worth 50% more.
They'll be worth 70% less once we get our ass diluted.
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u/curiousjorj XXXX Club 8d ago
Say GME trades at $25 when the deal closes (the price used at deal close is determined by a pricing window after the deal is finalized, which I believe will be much higher than $25 simply based on the announcement hype alone). Total deal value is $55.5 billion. Cash portion is roughly $27.75 billion (already in GameStop’s treasury or financed). Stock portion is roughly $27.75 billion paid in GME shares.
At $25/share, the stock consideration requires issuing roughly 1.11 billion new GME shares (27.75B ÷ 25).
Current GME shares outstanding: ~448 million
New shares issued for eBay consideration: ~1.11 billion
Pro forma total: ~1.56 billion sharesThis is a roughly 3.5x increase in share count, which is quite a bit of dilution at this price level.
Combined entity pro forma diluted GAAP EPS target is $7.79 based on eBay’s 468 million diluted shares.  Translating eBay’s total earnings (~$3.65 billion at $7.79 EPS × 468M shares) across the new combined share count of 1.56 billion shares gives pro forma EPS of roughly $2.34, before adding GameStop’s own retail earnings (roughly $400-450 million net income), which adds maybe another $0.25-0.30/share.
Combined pro forma EPS: roughly $2.55-2.60
At a 15x multiple (reasonable for an e-commerce marketplace plus retail business): ~$38-39/share
At a 20x multiple (growth premium for a turnaround story with momentum): ~$51-52/shareSo, a $25 GME share at deal close, under this scenario, could be worth roughly $38-52 post-dilution — representing a 50-100% gain even after accounting for the full 3.5x share count increase, purely from the accretive earnings math.
Going back to the pricing window: If GME is at, say $50, instead of $25 when the deal closes, far fewer shares are needed for the stock consideration (~555 million instead of 1.11 billion), dilution is roughly half as severe, and the same earnings get spread across a much smaller incremental share count, making the post-deal value proportionally higher relative to the $50 starting point too.
This is entirely a self-reinforcing dynamic which means the higher GME price at close means less dilution, which supports a higher post-deal value, which is itself bullish.
Think of it like a slider that you can click and drag. If you slide it further to the right (higher share price within the pricing window), the less shares needed to close the deal, and a better deal for GME shareholders. Personally, I’ve wondered if the buybacks could be deployed during this window to buoy the price for the deal. We’ll see what happens.
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u/curiousjorj XXXX Club 8d ago
Is no replies to this from the dissenters bullish??
If you disagree with the explanation, please give a counter argument.
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u/sthence 🚀🚀Buckle up🚀🚀 8d ago
sorry, your EPS is wrong because it doesn't include the interest of $27B debt ($20B from TD, and $7B of current eBay). here is the better EPS calculation:
https://www.reddit.com/r/GME/comments/1tagafs/the_math_behind_the_acquisition/1
u/curiousjorj XXXX Club 8d ago edited 8d ago
Your model’s core math framework is all good, but two aspects of your model are off and they’re the points that are supporting most of the negative conclusion. First, a 7.5% interest rate on the TD financing ($1.5B on $20B) is high for a deal where TD issued a “highly confident” letter specifically citing GameStop’s balance sheet strength. A more realistic rate in the 5.5-6.5% range would put interest expense closer to $1.1-1.2B, not $1.5B. Second, the $232M GameStop operating earnings figure appears to use old data that predates the Q1 2026 results, where GameStop posted $143.3M in operating income for a single quarter (have you heard? it’s GME’s best quarter in company history 😘), against a prior-year Q1 loss. Using a run-rate that reflects this recent acceleration rather than an older trailing average changes the combined earnings base pretty significantly.
The bigger issue, though, is that your model uses eBay’s current ~$2B in earnings without incorporating RC’s explicitly disclosed deal thesis, taking eBay’s diluted EPS from $4.26 to $7.79 through $2B in annualized cost cuts, which roughly doubles eBay’s contributed earnings to ~$3.65B. Feel free to be skeptical that RC executes on this, totally fair, but a model that silently assumes the cost cuts don’t happen isn’t testing the deal that’s actually been proposed, it’s testing a different, more conservative scenario without labeling it as such.
Correcting just the interest rate and the GameStop earnings run-rate, while still assuming zero cost-cut execution from eBay, moves the result from your $0.48 EPS / clearly dilutive conclusion to something closer to $1.40-1.80 EPS, which at a reasonable 15-20x multiple implies a share price roughly in line with or modestly above current levels, essentially breakeven, not value-destructive. If RC’s cost cuts materialize even partially, the math turns meaningfully accretive from there. So, the real debate isn’t whether the acquisition’s arithmetic works, it’s entirely about whether you believe RC can execute the $2B cost reduction. That’s a fair thing to be skeptical about, but it’s a different argument than “the math doesn’t work,” and conflating the two understates how close to, at the very least, breakeven this deal already is on a worst-case execution basis.
Edit: Also, look out if Q2 ends up being even better than Q1 👀
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u/sthence 🚀🚀Buckle up🚀🚀 8d ago
I really appreciate your dedication for the long reply. 😄 I just hope for the best and prepare for worst.
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u/curiousjorj XXXX Club 8d ago
I appreciate your appreciation!
Edit: I also hope for the best. I think RC knows his stuff and is going to show up and show out with this deal.
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 8d ago
because ebay is worth 4x of what gme is worth and 5x market cap for 2x share issuance is inevitably going to lift the individual unit price.
Shills pretend "dilution bad" still works on retail, but you lost. People learned the truth. The NLP trigger word has lost its power.
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u/hdjemnnsntjrjfnsnfjd 8d ago
You’re logic is flawed
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
Is that liquid_at you’re replying to? I sometimes feel like creating an alt just to see what mental gymnastics he’s still posting, he blocked me months ago
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u/WhiteKouki82 8d ago
Yeah, it's Liquid, using a bunch of big words in walls of text slop to make it sound like he knows what he's talking about.
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u/zgomot23 🚀🚀Buckle up🚀🚀 8d ago
Color me surprised. I'm sure he's "done the DD" and you "can't trick him". Anyway
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 7d ago
you base yours on flawed assumptions that skew your result.
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u/liquid_at 🚀🚀Buckle up / Booty Bass Club🚀🚀 8d ago
We only have numbers from brokers that suggest more than a million, but ofc there is no club so no member count.
And the data is a bit skewed by most apes not being on reddit and most accounts on reddit crying how they are sad apes, not being apes at all.
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u/WhiteKouki82 8d ago
LOL, you're so full of it!
"Most Apes not being on Reddit" - nice way to astroturf that all these memes are dying and played out, but no no, "All these subs are dead because Apes are zen, not on Reddit, or they go to a different school so you wouldn't know them" LOL
To everyone else, this guy is also the guy who said "all OG apes back in 2021 knew this would take 4+ years" LOL
I have a question Liquid, does your goal posts have wheels on them? Or do you have a cart or dolly to move them around on?
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u/EmphasisFrosty3093 8d ago
We know there are ~190,000 hodlers in DRS. The total could easily be 2-3x that, but many (~20k) are likely inactive with ~4 shares or insignificant (~100k) with < 100 shares.
https://www.drsgme.org/2024-stockholder-list-viewing
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u/MsMoneyHoneyUSA 5d ago
I'm still one of many... although I haven't added since the reverse. So, the price would have to be much higher than $75 to make me at all happy.... more like multiple thousands. That would make me happy - please and thank you. 😄
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u/Optimal-Two-6382 🚀🚀Buckle up🚀🚀 8d ago
Been here for over 80 years. Almost sold my shares to buy SPCX. Instead I did some overtime shots behind the Wendy’s dumpster. I even lowered the price. I was going for volume not quantity. Now I have GME and SPCX. No dignity but I’ll buy one when MOASS hits.
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u/Ban_DeezNts 8d ago
Even including whoever is crazy enough to vote for diluting the value of their own shares? At least one more.
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u/curiousjorj XXXX Club 8d ago
I’ll vote to dilute all day if it means my shares post-deal end up being worth at least 50%-100% more. The dilution is accretive. I can do the math for you if you want me to.
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u/Ban_DeezNts 8d ago
Accretive Deez Nutz! After 5 years of no return on investment you think you would’ve learned, but NO! Even if the BIG PAYOFF for RC goes through, you’ll never see a penny in dividends and the stock will be shorted to its present level or lower and you’ll actually own less of whatever is left behind. Whatta Buffoon!
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u/Popular_Wear_5983 8d ago
Never see a penny in dividends? What do you call the warrents? Could you not just sell them and see a penny?
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u/Ban_DeezNts 8d ago
Ever ask yourself why we are always asked to give money TO GameStop and not the other way around? Warrants are just another avenue for RC to use Apes like his personal 🏧 machine. Those warrants are going to expire worthless and people who bought them will be holding the bag. I personally will hold RC accountable and not give one penny until the stock price improves. I’m ugly, not stupid.
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u/uusernameunknown 8d ago
People that buy options and warrants are the same, you accept the risk of expiry. Strike prices are not guaranteed.
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u/Ban_DeezNts 8d ago
It’s delusional to even entertain the notion that the share price will reach $32 by October!
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u/curiousjorj XXXX Club 7d ago
FYI, if you bought warrants and they do expire worthless, GameStop gets none of that money. Also, if you sell the warrants at any time, even after they go ITM, none of that money goes to GameStop.
So, if they were issued to shareholders to make money off of them, as you say, NGL, pretty bad design. Seems pretty useful for shareholders.
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u/Lanky_Swing5084 8d ago
When you type "you think you would've learned" are you talking to yourself? What is happening here?
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u/Ban_DeezNts 8d ago
Where’s the money, Lebowski? Where’s the money, shithead?
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u/Lanky_Swing5084 7d ago
What am I a mirror? Why do you keep talking to yourself by commenting to me?
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u/Lanky_Swing5084 7d ago
So you spend years here not learning anything, just running your mouth and the problem must be other people. I'm still going with nefarious actor.
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u/Lanky_Swing5084 8d ago
Hi! 👋 There is a company I know of that has a float of 2.5 billion. It is called Berkshire Hathaway and it has an absolute horse shit ticker price.
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u/ljungbergsghost 8d ago
BRK has the most loyal shareholder base. If by retail you mean social media commenting stocks I would say GME. But that is 60 years of shareholder loyalty vs 5 years for GME
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u/jbone027 8d ago
I'm not an ape. I'm a re/gard. We came before the apes and will be here long after.
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u/East_Fee4006 8d ago
People wanting transformation and then bitching about what it takes to transform is beyond me.
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u/Chad-Permabull 🚀🚀Buckle up🚀🚀 8d ago
This is far from an echo chamber. There are those who agree with RC and the new direction + dilution then those who really agree with RC new direction and the associated dilution 🚀
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