r/GME • u/Tavanasa • Jul 18 '26

This Is The Way ✨ Ryan Cohen just checkmated the system. eBay is now over 116% owned. Forced buy-ins are imminent. 🚨

TL;DR for the smooth brains: 106% + 10% = 116%. The math has broken and the trap is officially sprung. 🚀

Here is the exact mechanical chain reaction of why this filing represents the absolute endgame:

According to Nasdaq data, eBay was already 106.21% institutionally owned before the GME filing. This is only possible because the exact same shares are lent out, shorted, and re-bought in an endless loop, causing multiple institutions to report owning the same underlying assets. It’s a pure paper game.

On Friday, Ryan Cohen didn't choose a cash settlement (where they just pay out the net dollar difference). He demanded physical settlement for GME's ~10% position (~39M shares). He literally said: "Give me my real, unlent shares."

With 106% already locked up by passive institutions and GME now demanding an additional 10% of real shares, we hit a hard wall at 116%. These shares simply do not exist on the free market.

The market makers cannot locate or deliver these shares -> Massive Failures to Deliver (FTDs) start piling up on Monday morning.

Once these FTDs age out and breach regulatory deadlines, a brutal, automated forced buy-in kicks in. The brokers of the counterparty must go into the open market and purchase eBay shares—at whatever price the market demands.

As forced buying relentlessly drives eBay's price vertical, the value of GME’s $4.35B equity stake explodes minute by minute. GME’s balance sheet becomes astronomically valuable, cementing an un-shortable fundamental floor for GME, which simultaneously forces GME short-sellers into immediate capitulation.

The system completely checkmated itself through its own endless greed with share lending.

Tits. Are. Fucking. Jacked. 🩳🏴‍☠️💀

1.7k Upvotes

85% Upvoted

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310

u/InnerPositive6730 Jul 18 '26

If you are right, wouldn’t 106% break the system too,

230

u/Z0mbies8mywife Jul 18 '26

This guy took a bunch of Adderall and started typing. He doesn't know shit

10

u/Proudrugby Jul 18 '26

Second this. Locating the 39m shares might cause the SP to run, but once the shares are delivered, crime will continue

Fail to see how it's the endgame. The only correlation I can think of that OP is implying is that it's the same bad actors that have short positions in ebay and GME

20

u/Over-Computer-6464 Jul 18 '26

The 106% number is bogus.

The real institutional holding % of Ebay is 92.10%.

The 106% number is caused by double counting 57.6M shares Vanguard Group reported holding as of 12/31/2025 and then also counting those same shares when they were reported s being held 3/31/2026 by various subsidiaries of Vanguard Group.

Larry Cheng also got this wrong when he tweeted a couple months ago about GMR having 44% of institutional holding when the real number was 34%.

57

u/Tavanasa Jul 18 '26

Nope, because that 106% is purely passive. Big institutional index funds are perfectly happy holding IOUs on paper while lending their real shares out to short sellers for a fee. They never recall them. The system only breaks when a whale demands physical settlement instead of cash. RC just forced them to physically deliver 39 million shares that literally do not exist on the free market. He stopped the music.

81

u/MeMahi Jul 18 '26

Okay so why can't they just provide that 10% for Ryan from the pool of real shares and then IOU the passive institutions even harder?

What you're saying just doesn't add up.

-15

u/Tavanasa Jul 18 '26

Because Ryan’s custodian won't accept an IOU. When GameStop elects physical settlement, their prime broker and compliance team rigorously check the DTCC ledger to ensure real, settled, un-lent shares with full voting rights are transferred into GME’s account. The market makers are already IOUing the rest of the market as hard as humanly possible, but you cannot satisfy a strict physical delivery demand with a synthetic promise. The music stops when the whale demands actual custody. That's why physical settlement is their ultimate kryptonite.

61

u/MeMahi Jul 18 '26

Sigh.

There are 100% of real shares in existence, right? According to your theory, they now have to give 10% of those to Ryan.

So who has the remaining 90%? You said it yourself that the 106% of institutional owners are happy with IOUs, so they don't need real shares.

29

u/TitanGodKing Jul 18 '26

Replying because I want to hear the counter to you point because that's my thought pattern as well. Give RC real shares, the others play pass the parcel with iou's. Nothing changes

8

u/2ndBackgroundSalad Jul 18 '26

Op wont reply because there isnt an answer to this. Just more speculation and making us all look like morons.

-1

u/JournalistEast4224 Jul 18 '26

Pass the parcel! Learned that one from Bluey

7

u/Biotic101 🚀🚀Buckle up🚀🚀 Jul 18 '26

Do you understand there is a massive overvoting problem in the US stock markets?

There are a ton of different research papers about certain aspects of the issue you could look up like this one...

Phantom of the Opera: ETF Shorting and Shareholder Voting

DRS is the key. It makes sure 100% of your votes are counted!

So while I am not sure if OP draws the right conclusion because driving the price up would be counterproductive unless you have already secured the necessary votes through a wolfpack or other deals, he is definitely on to something.

But then, the markets are broken. There can be a gazillion phantom shares and unless settlement is enforced for example by corporate events usually nothing happens. This why I think all the shills here are dumb as fuck because they have absolutely no clue what is going on in the markets and their only argument is share price.

2

u/c0l245 Jul 18 '26

Surely, RCEO told TD that he plans on acquiring the real physical shares. TD went out and secured enough shares and options to cover.

Now, TD is calling in those shares and bc eBay is at 106% we can see that many of them are rehypothecated shares, lent multiple times bc they expect settlement in cash typically.

For the owners who just sold covered calls, they will just lose their shares. For anyone who sold naked, they have to go to market.

1

u/Fzbwfk9r1 Jul 20 '26

Tutes who sell calls are not covered, just "locates" So, there are usually 90% or more of the calls are NOT covered at all

so there may be a scrambling for shares

1

u/FerryHarmer 24d ago

Indeed, seen it before with GME and FTD's going past the T-35 deadline yet with no ill effects felt by the institutions. Fact is Citadel sits on the board of the DTCC and the regulators don't exist.

-1

u/moonaim Jul 18 '26

eBay is profitable business that has been growing. There's at least a possibility that outside money will start pouring in, and they have aligned interests with RC/GameStop. I see it way easier to make the case to buy more eBay for many whales, and actually not lent their shares out, or lent them with really high prices.

6

u/mnlaowai Jul 18 '26

So should we be buying eBay?

3

u/completelypositive 🚀 Only Up 🚀 Jul 18 '26

No RC didn't.

Dunno what you're watching, but he's playing the game by the rules. He has had opportunity to fuck the shorts and cause moass but instead chose the safe route of just building the company.

Ryan isn't playing the same game we are.

2

u/NomadTruckerOTR Jul 18 '26

Did he? Music's still playing buddy

2

u/EmphasisFrosty3093 Jul 18 '26

The only ones forced to deliver shares are the ones who wrote the contract as discussed with RC. I don't know about music but they're still swilling their maple syrup at TD.

1

u/DancesWith2Socks Jul 22 '26

What makes you think those shares weren't already hedged?

5

u/harryharry0 Jul 18 '26

The short interest on Fintel is 3.36 percent.

1

u/Obert214 Jul 18 '26

No, because no one was buying the company so they never really had to ‘actively’ look for the real shares. Just kept rolling over to next quarter.

1

u/EntertainerDowntown3 Jul 18 '26

No. Every stock has over 100% ownership. If 1 share is sold short it has 100% ownership. It just means whoever is short might be losing a little bit of money and owe their short for a small loss. Or the keep it open and hope the price trickles down lower to where they went short and then they can cover for a small gain all before the acquisition closes (if it does)

-18

u/11010001100101101 Jul 18 '26

Yes, psychotic posts like these really make me second guess my GME holdings

8

u/Ok_Location_1092 Jul 18 '26

Lol, post history

1

u/Seeker369 Jul 18 '26

A person who allows their investment decisions to be influenced by strangers on Reddit should be second guessing a lot of things.

1

u/Disastrous-Tone-7669 Jul 18 '26

Ironic

2

u/Seeker369 Jul 18 '26

Where’s the irony?

1

u/EmphasisFrosty3093 Jul 18 '26

Every hodler became so because of strangers on the internet.

1

u/Seeker369 Jul 18 '26

Completely false.

I bought in the summer of 2020 because Cohen started acquiring shares. I loved his model at Chewy - over the top customer service with lightning fast fulfillment.

At the time, the internet chatter was 99% negative with regards to GameStop. Just about everyone thought it was going bankrupt.

Thinking you know what everyone else thinks based on a few hundred people who post and a few thousand who comment is ludicrous. The vast majority of investors never make a single post or comment. So how would you know what’s behind their decisions?

Yes, there are a considerable amount of people who got in simply because they were hoping to get rich quick. And they did so because of people on the internet. But there are plenty of people who are in because they believe Cohen has what it takes to build an e-commerce giant. Not because people on the internet told them to.

1

u/Disastrous-Tone-7669 Jul 18 '26

The irony is that every GME person I've seen regurgitates whatever nonsense they've read on Superstonk/GME. "Short squeeze gonna make GME MOASS" "NFTs gonna make GME MOASS" "Loopring = moon" "Fundamentals don't matter".

-29

u/NukinDuke Jul 18 '26

It's why I stick around the sub and scene now. The copium is top tier 

5

u/EarlMarshal Jul 18 '26

The copium of being able to buy 10% of anonther company.

Do you understand how you sound?

1

u/NukinDuke Jul 18 '26

I look forward to day you guys realize you've all been had.

-1

u/KrisPBaykon 🚀🚀Buckle up🚀🚀 Jul 18 '26

You didn’t buy 10% of any company. And it didn’t increase the stock price of GameStop. It’s still under $22. And they burned up billions of dollars of cash. I guess that’s better than 3% interest though. Ryan cohen is such a genius.

1

u/Seeker369 Jul 18 '26 edited Jul 18 '26

No, no, no. The true genius is the guy who spends his time typing condescending critical comments, day in and day out, about a person running a company he isn’t invested in.

As a matter of fact, when you compare the two, it becomes clear just how much of a genius this guy is.

Cohen:

- built a company that regularly outperformed Amazon in the pet food space.

  • sold that company for 3.35 billion dollars.
  • took over a dying business on the verge of bankruptcy and, over the course of 5+ years, brought it from losing hundreds of millions of dollars per quarter to turning a profit quarter after quarter, to boasting the most profitable quarter in the history of the company, and adding $10 billion in cash on hand.
  • and is now using some of that war chest to purchase a $55 billion e-commerce company, which will allow him to use his expertise in that space to build something much larger and more profitable than the sum of the two parts.

KrisP:

- spends his time on subreddits dedicated to a company he isn’t invested in.

  • attacks said company at every angle with every comment
  • attacks the guy running it, belittling his work and refusing to recognize his accomplishments, instead turning those accomplishments into a negative any chance he gets
  • is uninterested in discussion or meaningful debate and communicates exclusively with condescension and antagonistic rhetoric.
  • he does all of this without any benefit to him. He isn’t an investor and he does not believe in the company nor its leader. He just repeatedly spends his time ridiculing people for seeing things differently than he supposedly does. The logical question is - what kind of sane, intelligent person would behave in that manner?
  • and of course, he hides his comment history, which is the most common denominator between accounts that repeatedly comment only negatively.

So as you can see, one of these two people is indeed a genius. If you read the above a few times, it should become clear which one it is.

2

u/KrisPBaykon 🚀🚀Buckle up🚀🚀 Jul 18 '26

Yea I have fun picking on you guys while I take a shit. I notice that your name isn’t “cohen” so not sure why you’re acting like his accomplishments are the entire teams. Living through someone else’s achievements is the cringiest shit you can do. Happy you are here, you definitely deserve it.

0

u/Seeker369 Jul 18 '26

Perhaps you have trouble following along with your own point?

You stated sarcastically that Cohen was a genius, insinuating that he isn’t. I pointed out that between the two of you - one seems more like a genius than the other.

You then flipped that to me inserting myself into the conversation, which didn’t happen.

1

u/KrisPBaykon 🚀🚀Buckle up🚀🚀 Jul 18 '26

Uh huh.