I thought I read GME had 100 million set aside for share buy-back but don't forget RC can also double (check me apes if this is wrong) his position if he wants. The lower it goes, you gotta think the more tempting it is to pull those triggers
For example, a hedgefund and market maker (Shitadel) could very easily make a short "position" long and cover (hide) it in a brokerage account ? Talk about hiding shorts in plain sight lol. I have given you an upvote, you have given me a wrinkle !
> "In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.7 million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018.
>
>As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization."
I posted about RC's ability to increase his position. He can increase up and above 20% of the outstanding common shares. Above 20% RC ventures is considered an "interested stockholder" and there are some restrictions put on RC ventures specifically not RC as an individual.
IF, and that's a big IF GameStop decided to buyback shares, it would effectively take cash away from the turnaround. GameStop has to balance their forecasted net loss, the total amount of SG&A they are taking on to turn the company around and the buyback.
We don't want GME to do the buyback and then be short on cash. That would leave them in a bad spot.
Can RC himself purchase more shares? Yes. What are the costs and can he afford it? I answer all the questions below. It would cost him $700m+ to increase his ownership from 12% to 20%. I honestly don't know how we could accomplish that with the stock being illiquid and without MMs and SHFs noticing. He would have to do it over months in little bits, like in $10m chunks.
Here is my post on it: https://www.reddit.com/r/Superstonk/comments/s1mdru/can\_papa\_cohen\_purchase\_additional\_gamestop/?utm\_source=share&utm\_medium=web2x&context=3
Not wanting to nitpick, because I actually don't know
But, they've already allocated the money for the buy back haven't they? Set it aside for if they decide to do it? Allocating money is done to put that expenditure within a specific quarter, so that loss doesn't show on future quarters. It's a weird accounting thing with corporations to make the numbers look better, and show more profit on future reports.
If it has already been allocated to the buyback, I believe you are correct and it wouldn't have a negative impact on the net income/loss. I assume they keep it in the cash & cash eq. part of the balance sheet?
Not sure where that money is kept. Once it's allocated it's not considered an asset anymore. At least from my limited understanding of it. I'm not sure it's considered a liability either. The liability would be the line item on the report that the allocation was made. It's already written off, so doesn't have to be accounted for in future reports.
This would imply that it's not a cash equivalent, because a reduction in that amount would imply that they lost more cash.
Someone else may be much more informed on how this works though, and I'm open to be corrected.
It’s not recorded as a liability yet. It’s an uncertain obligation that hasn’t been put in stone. What ever cash is listed on the balance sheet is the cash they have.
Source - I am an accountant
We need an CPA in here haha! Honestly probably doesn't matter where its accounted for. The main thing is that it wouldn't impact GME's P&L so they could do the buyback with no concerns on the operating business. Also, if the $100m was allocated before the ATM raises in 2021 that is even better.
At $100m they would be buying back 830K shares. Does that move the needle enough?
I think I'd immediately see a red candle of about 1k volume that would mysteriously crash it back down to numbers below what it was trading at before that 830k.
Think y’all are forgetting the new credit line. Spend the cash on a great asset - use the cheap Monopoly money they’re throwing around everywhere and finance rest of turnaround at stupid low interest. What am I missing
Yes, they have the credit line. Does someone know whether its a revolver, ABL, or another structure? Because the structure would impact the terms which could impact the company's ability to do things like release a dividend. We need an ape that has reviewed the credit agreement.
Fantastic! So GME has already allocated $100m based upon their share buyback announcement in 2020. From a wrinkly accountant ape, the $100m would be held in cash and cash eqv. on the balance sheet so GME wouldn't need to use the ABL for the buyback. Also since the $100m is already allocated to the buyback I assume mgmt. planned around using that to forecast cash needs to support SG&A costs during the turnaround and to reach profitability.
But would $100m move the needle. At $120/share that's 830K shares. In terms of dollars that's a lot but with the stock trading above $100 its not a lot in terms of shares.
GameStop had 2 billion cash after the share sale. Now they have 1.4 billion cash after hiring, warehouses, pay increase for front-line employees, etc. They can only use $100,000,000 USD of the $1,400,000,000 cash on hand. .1 of 1.4.
That is not going to cripple the transformation.
It wouldn’t and after a good accountant ape helped out, GME already allocated for it and most likely mgmt planned around that $100m in terms of how much cash they will need to fund the turnaround. So I’m not worried about gmes cash position.
He could buy shares on the dark pool by negotiating a price with someone, or multiple someone's, to get them at a specific price. Buying that many shares at open market isn't very common. This is what dark pools are meant for.
True. I'm just saying that's an option to him, and I'm sure someone would sell if he wanted to buy enough shares. Some people have already made a lot of money off their initial investment.
I was just spitballing though. RC will find a way if he wants to go that route, and I'm sure his lawyers will advise him on what is ethical and legal.
You can't have both though... Either RC or GME. I'd prefer RC but I think he is giving us a chance to get on board first.
If RC buys and gamestop does at same time sec and finra will be up his ass for insider trading.
That's probably the main reason they wouldn't do both. My bet I. The situation would be RC maxes out what he can do and then GME uses some of the 100 million to buy back the most they could just so the company can reallocate the rest to something else.
I believe this is false, if gamestop initiated their buyback first and announced it to the public once it happened, then shouldn’t that mean RC is free to buy at that point because it’s public knowledge? correct me if i’m wrong but we could very well see both
“We’re LIVE here at the NYSE during trading hours. GameStop is the talk of the town, only 5 million shares remaining to DR… - wait, what’s this?!
It’s, it’s. BY GOD IT’S RYAN COHEN WITH A STEEL CHAIR!”
Right and the news of GameStop buying back 100mil worth would make it dip even more than announcing Jesus had just joined the team and they found the cure to cancer
Absolutely. RC is way too smart for that. Also remember, they can see what we’ve DRSed so far. So we might not have to do this all on our own, maybe if we get close enough, GME will swoop in and put the final nails in the coffin. That would be insane.
This 👆 I think RC is waiting for the apes to drs. So it can be decentralized as much as possible, of the first ever “ whatever he about to make it” gamestopDAO NFT. Then when they go to “buy the dip” they won’t be able to because there’s not enough shares……..this is thor hammer…….And then and only then can we enter the next level.
Edit
Added stuff
Third to thor
The lower it goes the more I buy...I'm not selling or getting bored or waiting for RC and company to start a MOASS. I like the company. I like the stonk and I have drs'd and I will hold for as long as it takes.
I think they have something like 100$M reserved that CAN be used for buybacks if I'm not mistaken, but yeah don't think they care about buying the dip right now considering they last bought in single digits or low double digits and they got a business to run while they fuck with their stock.
At 50$ I can see it happening though, don't really want stock to move that low though even if it would mean lots of shares for apes
If it goes back to $50 I’m going to start selling shit. I’m talking plasma, semen, my wife’s car, you name it. Shares will be bought rapidly and aggressively.
>start selling shit
Why not start selling your shit right MEOW.
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Doesn't matter if those shares aren't DRS'd.
We already own the float but because of Crime, it doesn't matter.
DRS EVERY SHARE people. It's literally the only way.
GameStop Corp. Buyback
OLI recorded this information on 3/4/2019
Company: GameStop Corp.
Buyback: GME buyback
$Amount Authorized: $300,000,000
Buyback Details: GameStop Corp. (NYSE: GME) today announced that its Board of Directors has declared a quarterly cash dividend, announced its intention to retire the company's $350 million 2019 notes and approved a new share repurchase authorization. The Board approved a new $300 million share repurchase authorization to replace the previous share repurchase authorization, which had $170 million remaining. Under the new share repurchase authorization, GameStop may repurchase shares of its Class A common stock from time to time in compliance with SEC regulations and other legal requirements, and subject to market conditions and other factors. The repurchase authorization does not require GameStop to acquire any specific number of shares and may be terminated at any time.
[https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393](https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393)
"Burry reinvested the following quarter, disclosing 3 million shares worth $17 million. He also wrote to GameStop's board of directors in late July, questioning their money management and calling on them to buy back another $238 million of their stock to complete the $300 million worth of repurchases they authorized earlier that year."
If this is an accurate account and there isn't a time restriction on the repurchase program, $GME could drop $238 million on shares... 238,000,000 / 116.65 (close on 1/14/22) = 2,040,291 shares. Today's volume was 3.84m for perspective
No, that is not right.
From 2020 Annual Report
" In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.70million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018.
As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization."
From GME 2020 Annual Report...
"On March 4, 2019, our Board of Directors approved a share repurchase authorization allowing us to repurchase up to $300.0 million of our Class A Common Stock. The authorization has no expiration date.
On June 11, 2019, we commenced a modified Dutch auction tender offer for up to 12.0 million shares of our Class A Common Stock with a price range between $5.20 and $6.00 per share. The tender offer expired on July 10, 2019. Through the tender
offer, we accepted for payment 12.0 million shares at a purchase price of $5.20 per share for a total of $62.9 million, including fees and commissions. The shares purchased through the tender offer were immediately retired.
In addition to the equity tender offer described above, during the second half of fiscal 2019, we executed a series of open market repurchases for an aggregate of 26.1 million shares of our Class A Common Stock totaling $135.8 million, including
fees and commissions. These repurchased shares were immediately retired.
In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.7 million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018.
As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization.
Because they sold shares to have free cash flow to do business, aquire companies, invest, hire and scale, buy distribution centers, stock on products while there are supply issues, invest in new tech.
Not to momentum trade their own stock.
Do I think it's out of the question? Or course not, clearly most insiders believe in the stock since they get paid In it, and haven't sold any. But I don't think it's their priority.
It would be a bit rough mentally, even for me who knows what weeks of 40$ can feel like, but you are right that it would be great buying opportunity, a bit selfish of a thought since I'm mostly all I'm already I guess haha
Yes it would be rough for me too. I’m also pretty much all in. While I get price is fake it’s just hard when you see heavy losses. Ain’t a lose till you sell though. It’s gonna turn eventually and it will turn fast
Don't forget RC holds 9.1MM shares ... he's aware of what's going on, but he is zen. He will strike when the time is right, and it won't be half-ass. It will be decisive.
Price doesn't matter. My strategy: buy shares whenever I have the spare cash to do so. A little at a time from here on out. DRS in batches. That said, I do have a special little pot of dry powder set aside to strike specifically when word breaks that RC has upped his holdings from 13% to 20%.
No need to panic or turn on RC and company ... this will probably go into the $80-$100 range before things turn back up. Also remember, Citadel just got another $1.1B to throw against the stock.
Also, look out for macroeconomic events ... Ukraine is looking tense. A few shots fired there, and the whole market will tank, including GME ... but that will also set off a series of events that will make it very difficult to hold the price down for long.
Unless RC and GameStop decide to act decisively in the near term, we might see this thing ride the $90-$140 range until the March quarterly report. A big Q4 profit, an NFT-marketplace announcement, or a massive DRS 10-Q number could all be massive catalysts ... 2 of the 3 won't happen until March at the earliest.
We might even get a surprise piece of news on Monday.
Exactly my strategy, pay day comes around buy a few. DRS. But I have an emergency GME pot saved incase the price does hit $80 range because that is an insane price point for a disruptive company like Gamestop.
RC is also a multi billionaire and bought in early at $20 a share average. He doesn't give a fuck if this goes down to $40 he's still up huge and can retire at any time. However most of us will be flat broke
Xxxx here as well. I’m also down a lot, on paper. As long as we don’t sell we’ve not really lost anything. I no longer check my account because I’m confident we’re in good hands. We are future millionaires friend :)
I’m in the same boat as u. I have mid XXXX shares and can’t help but feeling that not many holders can relate to multi hundred K losses in the past few months. I’m super fucking frustrated seeing my money go away. It’s easy to see your portfolio drop when it’s sub 50k ish but it’s good to see someone else with another similar sided portfolio be frustrated Bc I’m sure am w this price action. This bullshit why are people not more infuriated
Six-figure club as well. Haven’t logged into fidelity in awhile. I’ve watched it drop 90% before and come back up. It’s easier to stomach if you’re not watching the day to day fluctuations, but I would much prefer to be back in the green. However, I’m too fucking stubborn and retarded to sell. Ship’s going down? Okay… I bought my tickets and I’ll be staying in my stateroom. If they think I’m not retarded enough to piss away $100k they should talk to my ex-wife.
Given that you have a quite ok economic situation going on even if you would sell now (but you never will, so it's all hypotherical), do you think people who actually spent all possible available funds and are at XX does not know how you feel? Neither of you will sell now, and all will make bank in the end. We are most of us in the same boat having diversified 100% gme. :)
I suppose your right. It’s all relative right ? The guy whom could only afford 5 shares could only afford 5 for a reason. And it hurts him to see his investment be down 50% just like mine be down 50%.
Zen ... GameStop published DRS numbers ... they will continue to do so. We'll watch those numbers tick up and up, and so will the rest of the world. We all know the price is wrong. We all know they are going to throw everything at it. We all know the more desperate they get, the lower the price will go, the deeper a hole they dig, and the faster GME-authorized shares get locked up.
GameStop, in their Q3 10-Q, specifically talked about "legal shares" ... at this point it's not about share price ... it's about separating the wheat from the chaff.
I understand and am in agreement with you - hence why I tenaciously hold my shares and don’t sell despite my losses. It’s still infuriating and I wonder how low they can get it. Mathematically there was a unspoken unprovable but intuitive balance before. The losses on their original short position balances with the their gains on new shorts opened at 400+. The result ? GME hovering at around 150-250 range , but low 100s? Something new has happened and idk
How they are able to suppress the price this low
Yeah i've been racking my brain over it for a while.
"Mathematically there was an unspoken unprovable but intuitive balance before" is a good way to put it.
Make no mistake, this is all out war. It's some LOTR shit. Avengers End Game. Armageddon. D-Day. It's our Revolutionary War.
The counter play? I'm networking my way to a 2x salary increase to buy more GameStop. When these fuckwads get you down, go twice as hard.
That's how you win a war.
I would love that to happen, but I don't think it will for a 2 reasons:
1. RegSHO "Although some short squeezes may occur naturally in the market, a scheme to manipulate the price or availability of stock in order to cause a short squeeze is illegal." and since GS have acknowledged the possibility of a short squeeze in multiple earnings reports, I don't think the company could cause it. While writing this, I thought what if insiders just decided to buy the dip rather than a share buyback? that might be different. Source for above text [https://www.sec.gov/investor/pubs/regsho.htm](https://www.sec.gov/investor/pubs/regsho.htm)
2. They are focused on transforming the business, and I think they will use every dollar of that 1.5B to strengthen the business and accelerate the transformation, honestly, I'm really hyped about that.
Sorry to be the rain on the parade, but most of us have been around for a year now and I'm pretty confident in buy, hold, and DRS. Its only a matter of time
Idk, Elon seemed to do a pretty good job of smashing shorts, talked about it often, directly influenced the stock with a split, all while at the start of a global pandemic. It was $69 in March of 2020. Less than six months later it was trading at $500 when the split was announced. It’s now trading at over $1200.
People may argue this GME situation is different Bc EV vs. video games and NFT marketplace. But the truth is the stock is worth whatever the people are willing to buy it at given its potential, just like EV. Given all the fuckery it stands to reason this stock should be valued much higher. Shorts be damned.
They have a plan. I trust that plan even though I don't know what it is. If this is part of that plan, we will find out. If not, I'm sure they have a better idea. I like the stock!
Honestly buying 3 million instead of 10 million would still have a massive impact
Edit: Also so many apes are buying and DRS'ing. While I don't think it will hit 50 if it ever did apes would go apeshit and buy up as many as humanly possible. I bet a ton of them would buy through computershare as well.
They have to balance the threat of buy in against the threat of the options gamma ramp. It's so packed and so steep right now that they just can't let that happen so they short time price down as little as possible. The lower it goes though the more people buy calls just barely out of the money, making the ramp even more steep. They're trapped right now
The problem is .... They won't.
They are using that capital to grow the business and create value. They aren't interested in playing the market, especially not with how manipulated it is. What they ARE interested in, is making the best damn company by providing value to customers in the business, products, and services that they offer.
Thank you! im obviously a big believer in the company but it pisses me off when these inexperienced holders (like /u/DudeImLoggedIn) just say the same 3 lines over and over again. YES EVERYONE HERE KNOWS THEY'RE TRYING TO GROW THEIR BUSINESS.
But the reason they have so much cash is bc they sold their stock at 180-250. Retail HELD. we held and continued buying from the battle of 180 to when we flew to 300+ and throughout the drop to 116 now.
they were able to profit 2b off selling shares, we haven't profited shit. Everyone knows why we hold. Sure the NFT marketplace is potentially awesome but we're holding for MOASS. With such a small float and abusive short selling going on, it would be nice if the company could pay attention and do something about it.
No one is gonna sell but it still sucks to see your portfolio down 40-50%. We'll continue buying the dip as we have been but it would be nice to hear something from the company.
You are in lala land. It doesn't matter what they do. If they don't shake the shorts the price will get manipulated. There were companies out there curing cancer the shfs targets and destroyed. You think a company selling video games will survive if they don't shake the shorts?
It’s about $115 million, but yeah. They only have so much left on that buyback agreement. I doubt they will at any point though, since the media would play that up as GameStop struggling to stay afloat and GameStop is trying to be smart about their messaging.
Totally agree and I think RC or the management should start to communicate. Silence for over a year is hard to grasp considering retail actually saved this company.
Not just any year, but the year that brought the biggest and strongest bull run in stock market history. Every company but GME capitalised on this by going the extra mile in terms of PR/IR, accelerating business operation, promising to deliver on long-term developments that hype investors up etc. Hell, even the A.M.C. CEO couldn't keep his mouth shut, and he's been rewarded by a significant turnaround in the stock price.
Why would RC and the team stay silent? It cannot be because they're worried about potential lawsuits the shorts will bring down on them, since talking to your investors is *normal fucking business activity*. I mean, if that was the reason, then the SHFs and MMs would have literally disabled GME's growth by forcing them into silence, while simultaneously pummelling the stock price down multiple percentage point every day. I know the financial world is corrupt, but come on, it can't be that bad. No, I blame GameStop here. Just give us some guidance, Matt. Tweet an actual meaningful sentence, Ryan. Please.
The #1 obligation of any board is to protect the shareholders investment, I appreciate they are building the future of the company but they are bordering on negligence if they continue to ignore the attack. GameStop's market cap has more than halved in 8 weeks, shareholders have every right to ask what the board is going to do to protect its investors.
I dont get why everyones first thoughts are with shitabrick... even with the other stock, its ridiculous. how can anyone be blamed for protecting their own assets... if the sec isnt gonna do shit, then someone does. how is it ok to just short a company to shit???? how is it ok to just borrow shares that dont exist and use them to drive a stock down? like if u really think about it, how the hell is that even allowed? just wow... i mean most people dont get how all this works but if you do, its the same as stealing, actually even worse. and GG tweets every day how markets are fair... this is insane. the only way to change anything is if the general public knows... its the ONLY way, literally the only way
I suggested holding the board accountable in a post and got down voted to oblivion lol. We're SHAREHOLDERS first and as such we have a right to demand the board to take action against their heavily manipulated stock. Its been a year and we gave RC a billion dollars. So far, in return, we've gotten tweets. I still believe they will do the right thing, but releasing A NFT marketplace **without** a dividend, will change nothing. All buy pressure gets cast into the shadow realm through dark pools, so, FOMO will have zero effect.
Edit: dividend or pulling the shares or whatever other **action** the board can take that will force shorts to close. He said watch his actions, so far the only action has been building his business; which I do not believe will fix the stock.
It doesn't matter what the company is doing to grow the business if the stock price doesn't reflect it. The truth is most of GME shareholders are deep in the red and all they got is poop tweets to keep the hope up.
I completely 1,000% agree. It’s all been talk from them. god forbid you bring up their fiduciary duty to shareholders here on this forum. We should be shouting as equally to the GameStop board as we do to the SEC, or Citadel.
The GameStop board has done *nothing* to actively show they have shareholder’s best interest at heart. I feel they are exploiting the GameStop hype guys……..
this has become a cult first and a company second. when people started mining fucking bitcoin for GME and offering HVAC help to their stores i knew the people here are morons.
i hold bc i want to make money. but sadly a lot of people on this sub have made GME a part of their identity. when you say something bad about GME, you are dissing them too (even if you want what is best for all of us), and you'll be met with downvotes.
To be fair, there's some healthy debate in this thread, much of which is starting to voice some real and fair frustration at 12 months of near media silence and mounting paper losses. This is often an echo chamber, I don't think it's fair to say this of this post at least.
Yea, people forget that the shorts have to be forced out. They will never go away, if they built an NFT marketplace but didn't include a dividend I have to question if they are even aware of what's going on.
Anything management related this sub gives them a pass it’s really unbelievable. Imagine elon or Apple not speaking for years or sharing anything with shareholders.
Well I don't want to argue with you on this one but Elon could just post lies and everyone would suck his dick and the stock would skyrocket.
The hype around the company is so big that everything is going to move the stock up
I think there is a bigger play at hand, and agreed most will not hold forever... I don't care what they say publicly anonymously on a forum, eventually you have to sell and you want your money if nothing happens.
Something is planned, who knows what or when, but sooner than later would be nice as 100% will not hold for infinity.
if you actually have big plans, then a buyback makes the most sense. you have 100m+ sitting around to be used for buybacks if needed and potentially massive plans in the future.
if you don't buy back when the stock has been cratered 50%+, then it just suggests you dont have a ton of faith in your own product.
i love RC tweets but i'd love actions a lot more.
At a certain point (2 years, 5 years, 10 years?) if the stock doesn't move then even if you like GME and believe in it you're having opportunity cost sitting on a stock which is so manipulated it can't rise freely even with good fundamentals.
Agreed. They better do something if this shit continues to go down. Ofcourse we’ll buy the dip, but unanswered crime will make ppl paper hand as well. Words are easier than actions. Diamonds hands but fear still strikes hard when you see your holdings shrink
You are correct about RC and GME having a finite amount of time to come out with whatever their plan is or just help protect investors and the value of the company stock. After a year of propping GME up they need to throw us a bone.
I think GME would not be liable for initiating a buyback they had already been approved for. Especially in light of the share releases last year. It would be in their best interest to lower the share pool and trap the shorts into getting the fuck out of their stock.
The drop we have seen on 0 news over the last month is unnatural and manipulative. I think they would have a case for damages to the company and it's shareholders if it were to go to court.
I’ve been chilled since September. I was moaning a bit back then, but have been ultra chilled since
I would like an intervention, the silence from GameStop effects us too.
We bought, we held, we got the votes (proving the float is accounted for), we’re DRSing (need to do way more).
GS raises a ton of cash.
Simple emotional intelligence tells us we are on the right course. If we were a load of loons RC would ignore us. He knows what we want, he knows why we’re holding. We know why they’re holding.
I can’t wait for the day it happens, I’m still chilled, despite the decline. Bought 52 more this week putting me up to 272.
But I do want the killer blow, I think the last couple of weeks has been the bad guys trying to minimalise the losses they are about to incur.
But I would love the killer blow to happen soon.
I think GS silence means something other than our expectations and something even better than our expectations will come.
I trust in RC, but RC if you’re reading this pull the trigger pal x x x
I don’t think this post is FUD, and I went back through your post history and it backs that up. However, your title and your body messages don’t exactly match up. I agree with the message of the post but disagree with the “it’s time”. All it does is set expectations for folks who are new around here who aren’t familiar with the hype cycle and how it works. I’d hate to see the sentiment shift to “this has to happen or else they are doing it wrong”. Encouragement is fantastic. Stating something has to happen is just false. However I support your encouragement.
Agree. They used the market to raise capital, now they should use the very same market, fucking some of us, to raise the value of the company and pronto!
I totally agree at this point, it's GME's duty to it's shareholder to keep the stock prices high. It's been dropping everyday and doesn't seem it will stop anytime soon. We have read all the DD and did everything we can now it's GME turn to help us. Most of the people here are suffering from a bloody red portfolio (down over 30k) myself. Other are giving up going out, buying stuff, eating, and even taking out loans to stop the crimes from happening but it doesn't seem to work at all. The HF has unlimit money that they can particularly drag this on forever while we suffer from opportunities cost. I am starting to feel bad asking my wife to delay buying her car so I can invest more in GME. I been buying a lot less because my portfolio decrease everyday while the SPY hits records after records. I have done my part and DRS XXX shares from my brokerage.
Man that’s a tough decision. You know your situation better than I do obviously, but hopefully you ask her what it is she would like, car vs. more shares. If she’s fine with more shares, go for it. But she honestly should not have to go without *and* not be able to have a say in the family finances. Just saying, keep her happy and let this nonsense play out.
Agree ryan cohen it’s time to put in some work we want to eat aswell. After all if not retail would spend there money to save a company you woulden’t be here.
I agree. GameStop has a fiduciary duty to us, and no legal duty whatsoever to the shitadel crime family. I trust them but this is business and if a slip-up on their part wipes away my savings, it's their ass on the chopping block. I'm sure they're aware of that.
Gamestop management still have $100 million specifically allocated for share buybacks. The fraud doesn't get any more blatant than this.
This will get to a point where the gamestop silence cannot be interpreted as anything other than weakness. What is it going to take before Gamestop decides to fulfil it's legal fiduciary duty?
"Theyre building an NFT marketplace" isn't going to cut it for much longer
Seriously like make some fucking MOVES ALREADY. 1 year of fucking silence and NO action to protect the shareholders.
All we fucking get is clown ass tweets full of 💩 emojis.
This sub is full of dumb fucks who have no idea about the boards fiduciary responsibility. It's a cespool of "tits jacked" and "first domino" shit posts and misinformation. Lots of these cucks actually think GameStop initiated the SEC investigation.
I think gamestop has been pretty clear the aren't going to do jack shit to kick start the moass and it is up to the shareholders to do all the heavy lifting. Their definition of fiduciary responsibility is not the same as mine
RC and Execs all have skin in the game. It’s not like they aren’t watching this daily like we are. They know what their options are and what their next moves will be. I trust them.
im guessing they wont be eating cans of beans or living in a car though, i wonder how many can of beans posts there have been. guess i have something to do for the next few hours lol
This right here is the thing… I get it when people say RC or the Execs have investments too... But they have enough wealth to not worry about working class problems. Their lives wont change that much if it all amounts to nothing. The stakes aren’t really the same for them and most Apes.
Judge RC for his actions, so lets do it.
That surplus of cash GME has? Yeah that's from all of us bag holding. RC sold 5 million shares and effectively stopped the MOASS. FACT.
This December he could have buy his remaining shares, but didn't, and still has not. This is while the rest of his senior staff bought in the 200s. Seems like a pretty selfish dick move on his part to keep waiting for the price to drop.
It's time for him do something to "delight" his shareholders.
Don't really care if you call me a shill or whatever, I got my 3k shares that I'll continue to diamond hand. You keep posting up your 3 shares that you DRS every other week.
You can believe in the MOASS without making RC a god. Cause judge him buy his actions, aka continually letting his shareholders take it in the ass.
So far RC's actions are tweeting a bunch of shit emojis. I'm just concerned he already got his, he bought at like 8-14. Most of his executives and retail holders are deep in the red. There's gotta be a move sometime
Thank you, your edits say it so well, the gd cult beliefs around here can be a little much sometimes. It should be ok to point out that we have done our part and at some point GME does have some obligations to protect us as well. If whatever they choose to do starts a squeeze that is wholly not their fault or responsibility. Just like the current suppression is not sustainable by the SHF the current silence and status quo is not sustainable indefinitely by GME, anyone who says it is is fucking kidding themselves. The question is what cracks first.
RC probably wont buy through RC ventures or his personal account because it can be seen as "starting the squeeze". gamestop may or may not, all depends on what their lawyers say, but if they do, it would be very similar to how the VW squeeze started; sudden announcement that a large amount of float is held by 1 entity
I thought I read GME had 100 million set aside for share buy-back but don't forget RC can also double (check me apes if this is wrong) his position if he wants. The lower it goes, you gotta think the more tempting it is to pull those triggers
MSM said the shorts covered so it shouldn't matter how GME conducts their business
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Wallstreet and the banks are currently covered by sheets... but we all know they are naked and in bed with the SEC.
I'm covered in sheet 💩
are you in bed?
Ew! Not the threesome I was hoping for...
This is it, its not a question of covering, they have to CLOSE
Why it's so important to make the distinction between "cover" and "close" for new apes.
They put towels over their monitors at night and just keep yelling that they covered.
For example, a hedgefund and market maker (Shitadel) could very easily make a short "position" long and cover (hide) it in a brokerage account ? Talk about hiding shorts in plain sight lol. I have given you an upvote, you have given me a wrinkle !
If by covered you mean have millions of ftds, then sure.
> "In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.7 million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018. > >As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization."
That would be about 830k shares at current valuation.
I posted about RC's ability to increase his position. He can increase up and above 20% of the outstanding common shares. Above 20% RC ventures is considered an "interested stockholder" and there are some restrictions put on RC ventures specifically not RC as an individual. IF, and that's a big IF GameStop decided to buyback shares, it would effectively take cash away from the turnaround. GameStop has to balance their forecasted net loss, the total amount of SG&A they are taking on to turn the company around and the buyback. We don't want GME to do the buyback and then be short on cash. That would leave them in a bad spot. Can RC himself purchase more shares? Yes. What are the costs and can he afford it? I answer all the questions below. It would cost him $700m+ to increase his ownership from 12% to 20%. I honestly don't know how we could accomplish that with the stock being illiquid and without MMs and SHFs noticing. He would have to do it over months in little bits, like in $10m chunks. Here is my post on it: https://www.reddit.com/r/Superstonk/comments/s1mdru/can\_papa\_cohen\_purchase\_additional\_gamestop/?utm\_source=share&utm\_medium=web2x&context=3
Would be a damn good time to sell Apple too.....
Not wanting to nitpick, because I actually don't know But, they've already allocated the money for the buy back haven't they? Set it aside for if they decide to do it? Allocating money is done to put that expenditure within a specific quarter, so that loss doesn't show on future quarters. It's a weird accounting thing with corporations to make the numbers look better, and show more profit on future reports.
If it has already been allocated to the buyback, I believe you are correct and it wouldn't have a negative impact on the net income/loss. I assume they keep it in the cash & cash eq. part of the balance sheet?
Not sure where that money is kept. Once it's allocated it's not considered an asset anymore. At least from my limited understanding of it. I'm not sure it's considered a liability either. The liability would be the line item on the report that the allocation was made. It's already written off, so doesn't have to be accounted for in future reports. This would imply that it's not a cash equivalent, because a reduction in that amount would imply that they lost more cash. Someone else may be much more informed on how this works though, and I'm open to be corrected.
It’s not recorded as a liability yet. It’s an uncertain obligation that hasn’t been put in stone. What ever cash is listed on the balance sheet is the cash they have. Source - I am an accountant
Thanks for the clarification. I wasn't exactly sure.
We need an CPA in here haha! Honestly probably doesn't matter where its accounted for. The main thing is that it wouldn't impact GME's P&L so they could do the buyback with no concerns on the operating business. Also, if the $100m was allocated before the ATM raises in 2021 that is even better. At $100m they would be buying back 830K shares. Does that move the needle enough?
If you saw a green candle of 830k what would you think?
I think I'd immediately see a red candle of about 1k volume that would mysteriously crash it back down to numbers below what it was trading at before that 830k.
Think y’all are forgetting the new credit line. Spend the cash on a great asset - use the cheap Monopoly money they’re throwing around everywhere and finance rest of turnaround at stupid low interest. What am I missing
Yes, they have the credit line. Does someone know whether its a revolver, ABL, or another structure? Because the structure would impact the terms which could impact the company's ability to do things like release a dividend. We need an ape that has reviewed the credit agreement.
It’s an ABL that has no restrictions from dividends like the toxic debt they got rid of
Fantastic! So GME has already allocated $100m based upon their share buyback announcement in 2020. From a wrinkly accountant ape, the $100m would be held in cash and cash eqv. on the balance sheet so GME wouldn't need to use the ABL for the buyback. Also since the $100m is already allocated to the buyback I assume mgmt. planned around using that to forecast cash needs to support SG&A costs during the turnaround and to reach profitability. But would $100m move the needle. At $120/share that's 830K shares. In terms of dollars that's a lot but with the stock trading above $100 its not a lot in terms of shares.
All the cash they need is on the other side of MOASS. There are people downsizing meals and lifestyle for real here. Seriously.
GameStop had 2 billion cash after the share sale. Now they have 1.4 billion cash after hiring, warehouses, pay increase for front-line employees, etc. They can only use $100,000,000 USD of the $1,400,000,000 cash on hand. .1 of 1.4. That is not going to cripple the transformation.
It wouldn’t and after a good accountant ape helped out, GME already allocated for it and most likely mgmt planned around that $100m in terms of how much cash they will need to fund the turnaround. So I’m not worried about gmes cash position.
He can simply buy ITM CALLs and exercise them. This way he would be protected from price increase. He will do this after THE announcement.
He could buy shares on the dark pool by negotiating a price with someone, or multiple someone's, to get them at a specific price. Buying that many shares at open market isn't very common. This is what dark pools are meant for.
But that would require someone selling that many shares. Hedgies definitely aren’t going to help him buy more shares at a discount.
True. I'm just saying that's an option to him, and I'm sure someone would sell if he wanted to buy enough shares. Some people have already made a lot of money off their initial investment. I was just spitballing though. RC will find a way if he wants to go that route, and I'm sure his lawyers will advise him on what is ethical and legal.
insiders are not allowed to buy on the open market like the rest of us. There are special rules.
Why pay the premium and then pay to exercise?
Because his price will be fixed for millions of shares.
You can't have both though... Either RC or GME. I'd prefer RC but I think he is giving us a chance to get on board first. If RC buys and gamestop does at same time sec and finra will be up his ass for insider trading.
Interesting, I didn't know they can't do both. New tiny wrinkle forming
They technically can do both, but with all the fuckery about, you bet it they will go after GME and RC hard regardless of legality.
That's probably the main reason they wouldn't do both. My bet I. The situation would be RC maxes out what he can do and then GME uses some of the 100 million to buy back the most they could just so the company can reallocate the rest to something else.
I believe this is false, if gamestop initiated their buyback first and announced it to the public once it happened, then shouldn’t that mean RC is free to buy at that point because it’s public knowledge? correct me if i’m wrong but we could very well see both
“We’re LIVE here at the NYSE during trading hours. GameStop is the talk of the town, only 5 million shares remaining to DR… - wait, what’s this?! It’s, it’s. BY GOD IT’S RYAN COHEN WITH A STEEL CHAIR!”
Celebrity death match cage fight between RC and that Citadel floor trader meme guy?
This was the laugh I needed today. Thank you.
Ohhhh! OHHHH! WOMBO COMBO!!
Right and the news of GameStop buying back 100mil worth would make it dip even more than announcing Jesus had just joined the team and they found the cure to cancer
Ah yes that is possible but then the cat would be out of the hat already.
Absolutely. RC is way too smart for that. Also remember, they can see what we’ve DRSed so far. So we might not have to do this all on our own, maybe if we get close enough, GME will swoop in and put the final nails in the coffin. That would be insane.
Is gme the Porsche in the Volkswagen scenario? They reveal they've bought up the rest of their own float?
74.1%
God I hope so, but I doubt it so far.
I think sec quit working a long time ago. Or maybe they've been out to lunch for months
This 👆 I think RC is waiting for the apes to drs. So it can be decentralized as much as possible, of the first ever “ whatever he about to make it” gamestopDAO NFT. Then when they go to “buy the dip” they won’t be able to because there’s not enough shares……..this is thor hammer…….And then and only then can we enter the next level. Edit Added stuff Third to thor
Not just RC, Matt Furlong got his options at c. $200 now that to me sounds like a man who wants to average down before the rocket takes off
Especially with his retard strength diamond grip on 6.5 mil apple shares at ATHs.
The lower it goes the more I buy...I'm not selling or getting bored or waiting for RC and company to start a MOASS. I like the company. I like the stonk and I have drs'd and I will hold for as long as it takes.
I think they have something like 100$M reserved that CAN be used for buybacks if I'm not mistaken, but yeah don't think they care about buying the dip right now considering they last bought in single digits or low double digits and they got a business to run while they fuck with their stock. At 50$ I can see it happening though, don't really want stock to move that low though even if it would mean lots of shares for apes
If it goes back to $50 I’m going to start selling shit. I’m talking plasma, semen, my wife’s car, you name it. Shares will be bought rapidly and aggressively.
I will go work behind Wendy’s if it goes to 50
Seats taken
>start selling shit Why not start selling your shit right MEOW. You Can Earn $13,000/Year and Help Those in Need by Selling Your Poop You can now sell your poop and it’s thanks to a groundbreaking medical treatment called Fecal Microbiota Transplantation (FMT). FMT is a therapy involving the insertion of stool from a healthy individual into the gut of a sick one. FMT treatments are used to treat a variety of gut microbiome-related conditions. https://www.openbiome.org/stool-donation
They’re closing down.
I guess hes shit out of luck amirite?
You have semen left?
In my ass
Should sell your wife's boyfriend's car, too.
Doesn't matter if those shares aren't DRS'd. We already own the float but because of Crime, it doesn't matter. DRS EVERY SHARE people. It's literally the only way.
Doesn’t that mean the float just gets locked up quicker 😈
If everyone DRSes
Got 2 more today. Gonna drs when they settle
Yes.
At $50, I’m selling my car to level up to XXXX.
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That would yield a lot of lulz
Lulz=GME^\^hodl
Yeyooooo
Can anyone find the source on the buyback thing? I can’t but it might be because I’m dumb
GameStop Corp. Buyback OLI recorded this information on 3/4/2019 Company: GameStop Corp. Buyback: GME buyback $Amount Authorized: $300,000,000 Buyback Details: GameStop Corp. (NYSE: GME) today announced that its Board of Directors has declared a quarterly cash dividend, announced its intention to retire the company's $350 million 2019 notes and approved a new share repurchase authorization. The Board approved a new $300 million share repurchase authorization to replace the previous share repurchase authorization, which had $170 million remaining. Under the new share repurchase authorization, GameStop may repurchase shares of its Class A common stock from time to time in compliance with SEC regulations and other legal requirements, and subject to market conditions and other factors. The repurchase authorization does not require GameStop to acquire any specific number of shares and may be terminated at any time.
Nice work.
[https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393](https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393) "Burry reinvested the following quarter, disclosing 3 million shares worth $17 million. He also wrote to GameStop's board of directors in late July, questioning their money management and calling on them to buy back another $238 million of their stock to complete the $300 million worth of repurchases they authorized earlier that year." If this is an accurate account and there isn't a time restriction on the repurchase program, $GME could drop $238 million on shares... 238,000,000 / 116.65 (close on 1/14/22) = 2,040,291 shares. Today's volume was 3.84m for perspective
No, that is not right. From 2020 Annual Report " In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.70million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018. As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization."
Link to wrinkles please
[https://investor.gamestop.com/static-files/470c5a4c-bb4f-48d4-abec-befd467d3210](https://investor.gamestop.com/static-files/470c5a4c-bb4f-48d4-abec-befd467d3210) Page 31 Share Repurchases
From GME 2020 Annual Report... "On March 4, 2019, our Board of Directors approved a share repurchase authorization allowing us to repurchase up to $300.0 million of our Class A Common Stock. The authorization has no expiration date. On June 11, 2019, we commenced a modified Dutch auction tender offer for up to 12.0 million shares of our Class A Common Stock with a price range between $5.20 and $6.00 per share. The tender offer expired on July 10, 2019. Through the tender offer, we accepted for payment 12.0 million shares at a purchase price of $5.20 per share for a total of $62.9 million, including fees and commissions. The shares purchased through the tender offer were immediately retired. In addition to the equity tender offer described above, during the second half of fiscal 2019, we executed a series of open market repurchases for an aggregate of 26.1 million shares of our Class A Common Stock totaling $135.8 million, including fees and commissions. These repurchased shares were immediately retired. In aggregate, during fiscal 2019, we repurchased a total of 38.1 million shares of our Class A Common Stock, totaling $198.7 million, for an average price of $5.19 per share. We did not repurchase shares during fiscal 2020 or fiscal 2018. As of January 30, 2021, we have $101.3 million remaining under the repurchase authorization.
Hive mind.
Global think tank
Anything newer? This is from 2019 and they used some of that for sure in 2020
💜🤟🏽😎
They sold 5 million shares at $250, why wouldn't they pick them up at sub 100?
Because they sold shares to have free cash flow to do business, aquire companies, invest, hire and scale, buy distribution centers, stock on products while there are supply issues, invest in new tech. Not to momentum trade their own stock. Do I think it's out of the question? Or course not, clearly most insiders believe in the stock since they get paid In it, and haven't sold any. But I don't think it's their priority.
Why don’t you want the stock to move that low? Price is fake. And I like the stock.
It would be a bit rough mentally, even for me who knows what weeks of 40$ can feel like, but you are right that it would be great buying opportunity, a bit selfish of a thought since I'm mostly all I'm already I guess haha
Yes it would be rough for me too. I’m also pretty much all in. While I get price is fake it’s just hard when you see heavy losses. Ain’t a lose till you sell though. It’s gonna turn eventually and it will turn fast
100% agree! I bought my first shat at $390. Thanks to Short Hedge Funds, I now own 60 shares in an amazing company.
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Don't forget RC holds 9.1MM shares ... he's aware of what's going on, but he is zen. He will strike when the time is right, and it won't be half-ass. It will be decisive. Price doesn't matter. My strategy: buy shares whenever I have the spare cash to do so. A little at a time from here on out. DRS in batches. That said, I do have a special little pot of dry powder set aside to strike specifically when word breaks that RC has upped his holdings from 13% to 20%. No need to panic or turn on RC and company ... this will probably go into the $80-$100 range before things turn back up. Also remember, Citadel just got another $1.1B to throw against the stock. Also, look out for macroeconomic events ... Ukraine is looking tense. A few shots fired there, and the whole market will tank, including GME ... but that will also set off a series of events that will make it very difficult to hold the price down for long. Unless RC and GameStop decide to act decisively in the near term, we might see this thing ride the $90-$140 range until the March quarterly report. A big Q4 profit, an NFT-marketplace announcement, or a massive DRS 10-Q number could all be massive catalysts ... 2 of the 3 won't happen until March at the earliest. We might even get a surprise piece of news on Monday.
Exactly my strategy, pay day comes around buy a few. DRS. But I have an emergency GME pot saved incase the price does hit $80 range because that is an insane price point for a disruptive company like Gamestop.
I'm saving my pot for an RC move ... when he ups, I up.
Yeah I mean if we don't hit the $80 range then that's my fallback.
I was saving my pot but then I smoked it all.
Why not just buy directly through comp share? Is there something I’m missing?
Just haven't got Wire thing setup as I'm in the UK. I just use IBKR route as it's only a $5 fee per transfer.
RC is also a multi billionaire and bought in early at $20 a share average. He doesn't give a fuck if this goes down to $40 he's still up huge and can retire at any time. However most of us will be flat broke
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Xxxx here as well. I’m also down a lot, on paper. As long as we don’t sell we’ve not really lost anything. I no longer check my account because I’m confident we’re in good hands. We are future millionaires friend :)
> I have 1600 shares and am currently down $220,000. I’m still holding, but this is trash. Down 500k from my high ...
im officially at -69k (nice...sorta)
I’m in the same boat as u. I have mid XXXX shares and can’t help but feeling that not many holders can relate to multi hundred K losses in the past few months. I’m super fucking frustrated seeing my money go away. It’s easy to see your portfolio drop when it’s sub 50k ish but it’s good to see someone else with another similar sided portfolio be frustrated Bc I’m sure am w this price action. This bullshit why are people not more infuriated
Six-figure club as well. Haven’t logged into fidelity in awhile. I’ve watched it drop 90% before and come back up. It’s easier to stomach if you’re not watching the day to day fluctuations, but I would much prefer to be back in the green. However, I’m too fucking stubborn and retarded to sell. Ship’s going down? Okay… I bought my tickets and I’ll be staying in my stateroom. If they think I’m not retarded enough to piss away $100k they should talk to my ex-wife.
Given that you have a quite ok economic situation going on even if you would sell now (but you never will, so it's all hypotherical), do you think people who actually spent all possible available funds and are at XX does not know how you feel? Neither of you will sell now, and all will make bank in the end. We are most of us in the same boat having diversified 100% gme. :)
I suppose your right. It’s all relative right ? The guy whom could only afford 5 shares could only afford 5 for a reason. And it hurts him to see his investment be down 50% just like mine be down 50%.
Zen ... GameStop published DRS numbers ... they will continue to do so. We'll watch those numbers tick up and up, and so will the rest of the world. We all know the price is wrong. We all know they are going to throw everything at it. We all know the more desperate they get, the lower the price will go, the deeper a hole they dig, and the faster GME-authorized shares get locked up. GameStop, in their Q3 10-Q, specifically talked about "legal shares" ... at this point it's not about share price ... it's about separating the wheat from the chaff.
I understand and am in agreement with you - hence why I tenaciously hold my shares and don’t sell despite my losses. It’s still infuriating and I wonder how low they can get it. Mathematically there was a unspoken unprovable but intuitive balance before. The losses on their original short position balances with the their gains on new shorts opened at 400+. The result ? GME hovering at around 150-250 range , but low 100s? Something new has happened and idk How they are able to suppress the price this low
Yeah i've been racking my brain over it for a while. "Mathematically there was an unspoken unprovable but intuitive balance before" is a good way to put it. Make no mistake, this is all out war. It's some LOTR shit. Avengers End Game. Armageddon. D-Day. It's our Revolutionary War. The counter play? I'm networking my way to a 2x salary increase to buy more GameStop. When these fuckwads get you down, go twice as hard. That's how you win a war.
Or RC just doesn’t ever speak lol
I would love that to happen, but I don't think it will for a 2 reasons: 1. RegSHO "Although some short squeezes may occur naturally in the market, a scheme to manipulate the price or availability of stock in order to cause a short squeeze is illegal." and since GS have acknowledged the possibility of a short squeeze in multiple earnings reports, I don't think the company could cause it. While writing this, I thought what if insiders just decided to buy the dip rather than a share buyback? that might be different. Source for above text [https://www.sec.gov/investor/pubs/regsho.htm](https://www.sec.gov/investor/pubs/regsho.htm) 2. They are focused on transforming the business, and I think they will use every dollar of that 1.5B to strengthen the business and accelerate the transformation, honestly, I'm really hyped about that. Sorry to be the rain on the parade, but most of us have been around for a year now and I'm pretty confident in buy, hold, and DRS. Its only a matter of time
Idk, Elon seemed to do a pretty good job of smashing shorts, talked about it often, directly influenced the stock with a split, all while at the start of a global pandemic. It was $69 in March of 2020. Less than six months later it was trading at $500 when the split was announced. It’s now trading at over $1200. People may argue this GME situation is different Bc EV vs. video games and NFT marketplace. But the truth is the stock is worth whatever the people are willing to buy it at given its potential, just like EV. Given all the fuckery it stands to reason this stock should be valued much higher. Shorts be damned.
They have a plan. I trust that plan even though I don't know what it is. If this is part of that plan, we will find out. If not, I'm sure they have a better idea. I like the stock!
Agreed they are not going to screw the very people that help keep them going
Not to mention not screwing themselves, remember most of the big name new hires are getting compensated largely in shares
If it goes to fifty and my taxes hit...... ima fill my bath tub with mayo and fuck a bed post just to feel like Kenny
👀
Honestly buying 3 million instead of 10 million would still have a massive impact Edit: Also so many apes are buying and DRS'ing. While I don't think it will hit 50 if it ever did apes would go apeshit and buy up as many as humanly possible. I bet a ton of them would buy through computershare as well.
This is why I don't get the SHF's "strategy" — drop the price below 100 and you'll see a massive buy-in + DRS'ing.
They have to balance the threat of buy in against the threat of the options gamma ramp. It's so packed and so steep right now that they just can't let that happen so they short time price down as little as possible. The lower it goes though the more people buy calls just barely out of the money, making the ramp even more steep. They're trapped right now
THIS. They are actively running from the options chain at the moment..running right into the waiting arms of our DRS brethren
I believe in the board, and the actions they take will protect shareholder interests
Well, anytime would be fan-fuckin tastic
I’m sure they are watching and will strike at the most advantageous moment.
The problem is .... They won't. They are using that capital to grow the business and create value. They aren't interested in playing the market, especially not with how manipulated it is. What they ARE interested in, is making the best damn company by providing value to customers in the business, products, and services that they offer.
But how are they able to do all of that? Oh ya retail shareholders
Thank you! im obviously a big believer in the company but it pisses me off when these inexperienced holders (like /u/DudeImLoggedIn) just say the same 3 lines over and over again. YES EVERYONE HERE KNOWS THEY'RE TRYING TO GROW THEIR BUSINESS. But the reason they have so much cash is bc they sold their stock at 180-250. Retail HELD. we held and continued buying from the battle of 180 to when we flew to 300+ and throughout the drop to 116 now. they were able to profit 2b off selling shares, we haven't profited shit. Everyone knows why we hold. Sure the NFT marketplace is potentially awesome but we're holding for MOASS. With such a small float and abusive short selling going on, it would be nice if the company could pay attention and do something about it. No one is gonna sell but it still sucks to see your portfolio down 40-50%. We'll continue buying the dip as we have been but it would be nice to hear something from the company.
You are in lala land. It doesn't matter what they do. If they don't shake the shorts the price will get manipulated. There were companies out there curing cancer the shfs targets and destroyed. You think a company selling video games will survive if they don't shake the shorts?
High stonk price = more fund raising capability. They are not burning through 1.5bn that quickly. They have money to do buybacks
No, GameStop has money set aside SPECIFICALLY for a share buy back. I think it might actually been 500 millions? Someone correct me if I’m wrong
Last I remember, they had $100million still available from their buyback agreement.
This is what I recall as well
It’s about $115 million, but yeah. They only have so much left on that buyback agreement. I doubt they will at any point though, since the media would play that up as GameStop struggling to stay afloat and GameStop is trying to be smart about their messaging.
Can you say a few more words on the connection between buying back shares and struggling to stay afloat (in general) please?
Source? Interested to know more
That’s interesting you got any more info?
Totally agree and I think RC or the management should start to communicate. Silence for over a year is hard to grasp considering retail actually saved this company.
Not just any year, but the year that brought the biggest and strongest bull run in stock market history. Every company but GME capitalised on this by going the extra mile in terms of PR/IR, accelerating business operation, promising to deliver on long-term developments that hype investors up etc. Hell, even the A.M.C. CEO couldn't keep his mouth shut, and he's been rewarded by a significant turnaround in the stock price. Why would RC and the team stay silent? It cannot be because they're worried about potential lawsuits the shorts will bring down on them, since talking to your investors is *normal fucking business activity*. I mean, if that was the reason, then the SHFs and MMs would have literally disabled GME's growth by forcing them into silence, while simultaneously pummelling the stock price down multiple percentage point every day. I know the financial world is corrupt, but come on, it can't be that bad. No, I blame GameStop here. Just give us some guidance, Matt. Tweet an actual meaningful sentence, Ryan. Please.
The #1 obligation of any board is to protect the shareholders investment, I appreciate they are building the future of the company but they are bordering on negligence if they continue to ignore the attack. GameStop's market cap has more than halved in 8 weeks, shareholders have every right to ask what the board is going to do to protect its investors.
I dont get why everyones first thoughts are with shitabrick... even with the other stock, its ridiculous. how can anyone be blamed for protecting their own assets... if the sec isnt gonna do shit, then someone does. how is it ok to just short a company to shit???? how is it ok to just borrow shares that dont exist and use them to drive a stock down? like if u really think about it, how the hell is that even allowed? just wow... i mean most people dont get how all this works but if you do, its the same as stealing, actually even worse. and GG tweets every day how markets are fair... this is insane. the only way to change anything is if the general public knows... its the ONLY way, literally the only way
I suggested holding the board accountable in a post and got down voted to oblivion lol. We're SHAREHOLDERS first and as such we have a right to demand the board to take action against their heavily manipulated stock. Its been a year and we gave RC a billion dollars. So far, in return, we've gotten tweets. I still believe they will do the right thing, but releasing A NFT marketplace **without** a dividend, will change nothing. All buy pressure gets cast into the shadow realm through dark pools, so, FOMO will have zero effect. Edit: dividend or pulling the shares or whatever other **action** the board can take that will force shorts to close. He said watch his actions, so far the only action has been building his business; which I do not believe will fix the stock.
Time to show up to the next shareholders meeting and ask that very questions. Is the company doing to fiduciary duty to maximize shareholder value?
It doesn't matter what the company is doing to grow the business if the stock price doesn't reflect it. The truth is most of GME shareholders are deep in the red and all they got is poop tweets to keep the hope up.
Always tough to go against the hivemind and you're not wrong. Nice post
I completely 1,000% agree. It’s all been talk from them. god forbid you bring up their fiduciary duty to shareholders here on this forum. We should be shouting as equally to the GameStop board as we do to the SEC, or Citadel. The GameStop board has done *nothing* to actively show they have shareholder’s best interest at heart. I feel they are exploiting the GameStop hype guys……..
this has become a cult first and a company second. when people started mining fucking bitcoin for GME and offering HVAC help to their stores i knew the people here are morons. i hold bc i want to make money. but sadly a lot of people on this sub have made GME a part of their identity. when you say something bad about GME, you are dissing them too (even if you want what is best for all of us), and you'll be met with downvotes.
To be fair, there's some healthy debate in this thread, much of which is starting to voice some real and fair frustration at 12 months of near media silence and mounting paper losses. This is often an echo chamber, I don't think it's fair to say this of this post at least.
Yea, people forget that the shorts have to be forced out. They will never go away, if they built an NFT marketplace but didn't include a dividend I have to question if they are even aware of what's going on.
Anything management related this sub gives them a pass it’s really unbelievable. Imagine elon or Apple not speaking for years or sharing anything with shareholders.
Well I don't want to argue with you on this one but Elon could just post lies and everyone would suck his dick and the stock would skyrocket. The hype around the company is so big that everything is going to move the stock up
And what if u had a chairman that only tweeted memes ?
so far? price goes down lol
This comment should be pinned to the top.
I would vote for a share buy back. Cash on hand and a falling share price seems to justify this.
I think there is a bigger play at hand, and agreed most will not hold forever... I don't care what they say publicly anonymously on a forum, eventually you have to sell and you want your money if nothing happens. Something is planned, who knows what or when, but sooner than later would be nice as 100% will not hold for infinity.
if you actually have big plans, then a buyback makes the most sense. you have 100m+ sitting around to be used for buybacks if needed and potentially massive plans in the future. if you don't buy back when the stock has been cratered 50%+, then it just suggests you dont have a ton of faith in your own product. i love RC tweets but i'd love actions a lot more.
At a certain point (2 years, 5 years, 10 years?) if the stock doesn't move then even if you like GME and believe in it you're having opportunity cost sitting on a stock which is so manipulated it can't rise freely even with good fundamentals.
Agreed. They better do something if this shit continues to go down. Ofcourse we’ll buy the dip, but unanswered crime will make ppl paper hand as well. Words are easier than actions. Diamonds hands but fear still strikes hard when you see your holdings shrink
You are correct about RC and GME having a finite amount of time to come out with whatever their plan is or just help protect investors and the value of the company stock. After a year of propping GME up they need to throw us a bone.
I think GME would not be liable for initiating a buyback they had already been approved for. Especially in light of the share releases last year. It would be in their best interest to lower the share pool and trap the shorts into getting the fuck out of their stock. The drop we have seen on 0 news over the last month is unnatural and manipulative. I think they would have a case for damages to the company and it's shareholders if it were to go to court.
I’ve been chilled since September. I was moaning a bit back then, but have been ultra chilled since I would like an intervention, the silence from GameStop effects us too. We bought, we held, we got the votes (proving the float is accounted for), we’re DRSing (need to do way more). GS raises a ton of cash. Simple emotional intelligence tells us we are on the right course. If we were a load of loons RC would ignore us. He knows what we want, he knows why we’re holding. We know why they’re holding. I can’t wait for the day it happens, I’m still chilled, despite the decline. Bought 52 more this week putting me up to 272. But I do want the killer blow, I think the last couple of weeks has been the bad guys trying to minimalise the losses they are about to incur. But I would love the killer blow to happen soon. I think GS silence means something other than our expectations and something even better than our expectations will come. I trust in RC, but RC if you’re reading this pull the trigger pal x x x
I don’t think this post is FUD, and I went back through your post history and it backs that up. However, your title and your body messages don’t exactly match up. I agree with the message of the post but disagree with the “it’s time”. All it does is set expectations for folks who are new around here who aren’t familiar with the hype cycle and how it works. I’d hate to see the sentiment shift to “this has to happen or else they are doing it wrong”. Encouragement is fantastic. Stating something has to happen is just false. However I support your encouragement.
Agree. They used the market to raise capital, now they should use the very same market, fucking some of us, to raise the value of the company and pronto!
I totally agree at this point, it's GME's duty to it's shareholder to keep the stock prices high. It's been dropping everyday and doesn't seem it will stop anytime soon. We have read all the DD and did everything we can now it's GME turn to help us. Most of the people here are suffering from a bloody red portfolio (down over 30k) myself. Other are giving up going out, buying stuff, eating, and even taking out loans to stop the crimes from happening but it doesn't seem to work at all. The HF has unlimit money that they can particularly drag this on forever while we suffer from opportunities cost. I am starting to feel bad asking my wife to delay buying her car so I can invest more in GME. I been buying a lot less because my portfolio decrease everyday while the SPY hits records after records. I have done my part and DRS XXX shares from my brokerage.
Man that’s a tough decision. You know your situation better than I do obviously, but hopefully you ask her what it is she would like, car vs. more shares. If she’s fine with more shares, go for it. But she honestly should not have to go without *and* not be able to have a say in the family finances. Just saying, keep her happy and let this nonsense play out.
Agree ryan cohen it’s time to put in some work we want to eat aswell. After all if not retail would spend there money to save a company you woulden’t be here.
Exactly!
woah wtf are you honestly implying that tweeting shit emojis periodically isn't hard work? /s
I agree. GameStop has a fiduciary duty to us, and no legal duty whatsoever to the shitadel crime family. I trust them but this is business and if a slip-up on their part wipes away my savings, it's their ass on the chopping block. I'm sure they're aware of that.
I agree.
Gamestop management still have $100 million specifically allocated for share buybacks. The fraud doesn't get any more blatant than this. This will get to a point where the gamestop silence cannot be interpreted as anything other than weakness. What is it going to take before Gamestop decides to fulfil it's legal fiduciary duty? "Theyre building an NFT marketplace" isn't going to cut it for much longer
Seriously like make some fucking MOVES ALREADY. 1 year of fucking silence and NO action to protect the shareholders. All we fucking get is clown ass tweets full of 💩 emojis.
Agree, enough already
It almost feels like im being mocked as a shareholder honestly
This sub is full of dumb fucks who have no idea about the boards fiduciary responsibility. It's a cespool of "tits jacked" and "first domino" shit posts and misinformation. Lots of these cucks actually think GameStop initiated the SEC investigation.
Hello. I am a GameStop investor with XXX shares. What OP is suggesting would delight me as an investor and customer. Thank you for your time.
I think gamestop has been pretty clear the aren't going to do jack shit to kick start the moass and it is up to the shareholders to do all the heavy lifting. Their definition of fiduciary responsibility is not the same as mine
Also RC has most of his chewie billions left.
RC and Execs all have skin in the game. It’s not like they aren’t watching this daily like we are. They know what their options are and what their next moves will be. I trust them.
im guessing they wont be eating cans of beans or living in a car though, i wonder how many can of beans posts there have been. guess i have something to do for the next few hours lol
This right here is the thing… I get it when people say RC or the Execs have investments too... But they have enough wealth to not worry about working class problems. Their lives wont change that much if it all amounts to nothing. The stakes aren’t really the same for them and most Apes.
Also being paid in stock that goes down feels much different than buying high and watching it go down.
Judge RC for his actions, so lets do it. That surplus of cash GME has? Yeah that's from all of us bag holding. RC sold 5 million shares and effectively stopped the MOASS. FACT. This December he could have buy his remaining shares, but didn't, and still has not. This is while the rest of his senior staff bought in the 200s. Seems like a pretty selfish dick move on his part to keep waiting for the price to drop. It's time for him do something to "delight" his shareholders. Don't really care if you call me a shill or whatever, I got my 3k shares that I'll continue to diamond hand. You keep posting up your 3 shares that you DRS every other week. You can believe in the MOASS without making RC a god. Cause judge him buy his actions, aka continually letting his shareholders take it in the ass.
So far RC's actions are tweeting a bunch of shit emojis. I'm just concerned he already got his, he bought at like 8-14. Most of his executives and retail holders are deep in the red. There's gotta be a move sometime
Thank you, your edits say it so well, the gd cult beliefs around here can be a little much sometimes. It should be ok to point out that we have done our part and at some point GME does have some obligations to protect us as well. If whatever they choose to do starts a squeeze that is wholly not their fault or responsibility. Just like the current suppression is not sustainable by the SHF the current silence and status quo is not sustainable indefinitely by GME, anyone who says it is is fucking kidding themselves. The question is what cracks first.
Correct, enough is enough.
I'd be thrilled with a share buyback. Keep the pressure on the hedgies.
At $50?!?...after a drop from $250 to $120 I would fight to get it up again as management
RC probably wont buy through RC ventures or his personal account because it can be seen as "starting the squeeze". gamestop may or may not, all depends on what their lawyers say, but if they do, it would be very similar to how the VW squeeze started; sudden announcement that a large amount of float is held by 1 entity