Rohan Goswami

Ryan Cohen is used to dealing with retail investors who are obsessed with him, who live and die by his every word.

He's used to moving stocks 10 or 15% up, just posting a little meme image of him leaning forward in a gaming chair.

That's what he's used to.

And, frankly, he's dealing in the big leagues right now.

And I know he likes to call himself the dumb money, and he says that the smart money is out to get him.

But the fact of the matter is, Ed, he needs the smart money here.

They're the guys who actually own eBay.

And a lot of them went into this weekend.

You saw how the stock moved on Friday when rumors first broke of this deal.

The stock moved up 10%, 15%.

Investors said, whoa, okay, there's a real chance that this guy can pull this off.

The second this guy started talking on CNBC today, the stock went from 10% up, 9% up, 8% up, 6% up, 5% up.

Investors just don't believe what he has to say.

And that's going to be his real problem.

You're not paying for it or dealing with the structure.

Yeah, he's got two problems here.

One, he doesn't want his retail shareholders to hear the word dilution because that's a scary word and it's not a great word.

And two, he knows on some base level, I mean, he's an incredibly brilliant guy and he's a great businessman.

He knows that eBay's existing shareholders are going to go, well, why do we want to trade our eBay stock, which just hit all-time highs, for potentially worthless GameStop shares that, you know, you could dump out of, retail could dump out of, that we don't really have any certainty in because we're hitching ourselves to this really unknown and still somewhat scary shareholder base.

That's problem number one.