Rohan Goswami

Yeah, so GameStop has an enterprise value that's the market cap plus debt of around $14 billion, and eBay's, as you said, is around $55 billion.

It's a much bigger company.

And so there are two ways that Ryan Cohen, who of course is the chairman of GameStop, the CEO of GameStop, and also GameStop's largest shareholder,

There are a few ways that he's proposing to do this, right?

So half of that deal, he says, as you pointed out, would come from about $9.5 billion of GameStop's cash on hand, another $20 billion in what financiers call highly confident financing.

That's TD Bank.

His bankers haven't actually raised the money, but they feel, quote, unquote, highly confident that they can raise that money.

There is like a beautiful poeticism to this deal happening right now.

Several of my colleagues, including my co-host and colleague Liz Hoffman, are in Los Angeles at the Milken Conference, sort of like the pioneering corporate raider who in many ways pioneered this highly confident letter.

So there's $9.5 billion of his cash, $20 billion of his stock.

That brings us to around $30 billion.

And the remaining $20 billion that he proposes would come from a massive dilution.

He avoided using that word in his, frankly, disastrous CNBC interview this morning, but a dilution of existing assets.

GameStop shareholders.

They would issue new shares that would then be handed over to eBay's existing shareholders.

And that is how Ryan Cohen proposes to pay for this deal to take over a company that is, as you said, four times the size of GameStop.

There are a lot of problems there.

We can sort of unpack all of them.

The thing I would just highlight for you out the gate, Ed, is that this is not

Business as usual for Ryan Cohen.