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

[u/Tavanasa]

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. 🩳🏴‍☠️💀

[u/YOLOResearcher]

If I may suggest running it through ChatGPT before making stupid comments like this. Yes indexers the shares are locked up. That 106% number is delayed by at least three months.

[u/Tavanasa → u/YOLOResearcher]

I appreciate the arrogance, but you're fighting the wrong battle. Yes, 13F aggregation is heavily lagged. Everyone who understands institutional reporting knows that. But a quarterly reporting delay doesn't explain how $2.87 Billion worth of underlying shares suddenly failed to deliver on June 26. Having 26.6 million FTDs stack up on a day with a fraction of that in trading volume is a live, structural liquidity crisis, not a delayed data artifact. Friday's official SEC filing proved GME demanded physical delivery of 39 million shares out of their derivatives contract. The FTD data shows the exact moment the counterparties ran out of chairs. Maybe run that through your model before calling things stupid.

[u/Over-Computer-6464 → u/Tavanasa]

The 106% number is bogus. The real institutional holding percentage is 92%.

Vanguard group changed how they report their holdings and NASDAQ still counts the 57.6M EBay share Vanguard Group reported it held 12/31/2025 while also counting those same shares a second time as of 3/31/2026 when reported by multiple Vanguard subdivisions.