TD
Toronto Dominion Bank
stock NYSE

Es kommt nicht auf die TER, sonder auf die Tracking Difference (TD) an, wozu es beim xtrackers noch keine Daten gibt, da zu jung. Ich persönlich würden den Vanguard nehmen und in ein paar Jahren bei Bedarf einfach den Sparplan wechseln.

Their question is - the value of ALL the stock is 11B, they have 9B on their balance sheet, and they can get 20B from TD. That makes 40B. Their offer is 56B. Where do they get the remaining 16B? The question is super straightforward, there aren't any gotchas.

TD has a big short position. I guess.

The value of this new entity is all completely speculation, if I'm a share holder, I'm not trusting half of the deal on "trust me bro". The market is going to determine the price of this new entity.
Let's break this down for an eBay shareholder:
They're hypothetically getting $62.75/share in cash if they can secure a loan from TD.
The other half is being paid out in a new entity.
With this new entity, you're getting:
- eBay
- an added $24B in new debt (TD debt plus GMEs outstanding obligations)
- GameStop's business (minus 8B in cash, since that is being used to pay for the other side of the deal)
- 50% less ownership stake than before
There is no control over what the market thinks this new conglomerate entity is. GME is saying that it would be worth enough to pay for half the deal, but there is no guarantees to this at all.

i think thats because gamestop has that $20billy cash note from TD so they are really bringing $29billy to the table and should get more like 50% really

Guy has 11 billion wants to buy company for 56 billion using:
20 Billion loan or partnership with TD Bank.
9 Billion in cash from his bank account.
26 billion by another share offering diluting the stock.
But he says the stock price will go right back up because he's gonna cut all the waste from EBAY, like their marketing.
That's the deal?
Ebay:

They are borrowing 20B$ from TD

The debt is from the deal. $20 billion from TD is what Ryan has mentioned multiple times

*Disclaimer: I used Claude Opus to help write this post since English is not my native language. The notes from the interview are mine, the structure/grammar got cleaned up.*
Just watched Cohen on Making Money with Charles Payne. Don't see any posts on this yet so sharing the key detail that stood out.
**The structure Cohen mentioned:**
* $20B committed letter from TD Securities
* $9B cash from GameStop's balance sheet
* 50% cash, 50% stock
* **Combined entity equity split: \~60% to eBay shareholders, \~40% to GameStop shareholders**
* Cohen quote: "people don't understand how to do a transaction like this"
**Why the 60/40 is interesting:**
This isn't the language of a straight acquisition. A pure "GameStop acquires eBay" deal wouldn't typically be described as a 60/40 split between the two shareholder bases. The 60/40 framing suggests a combined entity structure where both shareholder groups end up holding equity in the same resulting company.
Cohen didn't specify whether this means a holding company structure, reverse merger, or something else. He just used the 60/40 language and said "people don't understand how to do a transaction like this."
**For the maths ->** eBay current market cap: \~$48B GME current market cap: \~$10B Current ratio: roughly 82/18 in favor of eBay
For GME shareholders to end up with 40% of the combined entity (instead of 18%), the structure has to account for the cash portion of the consideration separately from the equity portion. The 60/40 likely refers to the equity split AFTER the cash payment to eBay shareholders, not including the cash.
He has another interview on TBPN at 12:30 PM PT today, might get more clarity there.
*Not financial advice.*

He called it a "highly committed letter". It is not. There is no commitment.
An HCL is a Highly CONFiDENT Letter, as in TD is confident that can raise the money.
But zero commitment.
Source: https://en.wikipedia.org/wiki/Highly\_confident\_letter. has an interesting history of its origin and who has used it.

Details on the cash part: $20B committed letter from TD. $9B in cash. 50% equity will be rolled into eBay and GameStops “people don’t understand how to do a transaction like this”. Offering 60% of the company to eBay shareholders to GME shareholders 40%. Not totally following how that split shakes out.
Dilution that decreases EPS or is Accretive to both shareholders. RC believes this is accretive to both. Through efficiency and GME continued profitability

Because Apes think if the price is at 25 dollars, then someone would buy all 448 million shares @ 25.
Apes have no understanding that this would dilute the ever living fuck out of GME and crash the price, so anyone that is down to drop billions on this stupid company is not buying in at market prices.
RC doesn't have the money and stock to get eBay, even with 20B from TD it's not enough.  They are about 16 billion short and RC was on CNBC getting grilled about where he would get the rest of the money and had no fucking idea.
"Check the website" - RC

Yes it does state TD is the only source currently. They do not mention other parties.

The $15-20b from sovereign wealth funds is highly speculative. We may be desensitised to numbers but that is a fucking unreal amount of money
If they had any commitment of an amount near that we’d have heard it from RC. Just like the TD offer isn’t a commitment
Dilution is likely to be at 50% as RC said. He is historically straightforward and sticks to his word

Look, the math only works if you stop looking at this as a "retail turnaround" and start seeing it as the birth of Teddy.
The trademark filings from February weren't just for some children’s books or a few mugs; they were a surgical strike. RC has 15+ trademarks spanning everything from insurance and finance to a full-blown online marketplace. If you’re tracking the timing, he locked those down right as he started quietly accumulating that 5% stake in eBay. This isn't GameStop buying eBay; this is Teddy Holdings using GameStop’s balance sheet as a launchpad to build a diversified "Infinite Tech Berkshire."
The "Sultan" Bridge to Reality
The $55.5 billion gap is the elephant in the room. Everyone is screaming about dilution because GME's market cap is a fraction of the bid. But that’s old-school thinking. Enter the Sultan Almaadeed / Qatari connection.
If Almaadeed puts a representative on the board, he’s not there to help sell more used copies of Call of Duty. He’s there as the Institutional Shield.
The PIPE is the Secret Sauce: Instead of dumping shares on the open market and killing the price, RC does a private deal. A sovereign wealth fund or Sultan’s ENVST group buys a massive block of "Teddy-era" GME shares directly. They get them at a fixed price; RC gets the $15B–$20B in cash he needs to bridge the TD Securities loan and the cash-on-hand.
Zero Dilution Panic: Because it’s a PIPE, that money hits the balance sheet without the "Apes" getting diluted into oblivion on the public tape. It’s a vote of confidence from the literal deepest pockets on Earth.
Why the Board Seat Changes the Game
Having a Sultan-linked rep on the board turns GameStop into a Global Holding Company overnight.
Permanent Capital: Sovereign funds don't play for next quarter; they play for next century. This gives Teddy the "permanent capital" model that made Buffett rich.
M&A Muscle: These guys own half of London and massive stakes in global tech. They bring the "adult in the room" credibility to help RC gut eBay’s $2B in bloat and integrate their logistics into a new, blockchain-backed marketplace.
The "Teddy" Transition: With a sovereign backer, RC doesn't need the GameStop name to carry the weight anymore. He can migrate the whole circus under the Teddy Holdings LLC banner, housing GME, eBay, and whatever insurance/fintech play he just trademarked as separate subsidiaries.

# Total offering for eBay acquisition: $55.5B
# Breakdown
• **$29B in cash**
– \~**$20B** coming from TD
– \~**$9B** current cash on hand
– Only \~**$7.75B** of that cash is actually being used.
Total cash portion: **$27.75B (50%)**
• **$27.75B in GME common stock**
– At \~$23.50–$24/share, current stock value is about **$10.75B**
– That leaves roughly **$17B** still needed** **
– To cover that, GME would need to issue about **1.15 billion shares**
– This exceeds the current 1 billion authorized share limit, meaning a charter amendment would be required
I’ve been in and out of GME since 2021, so downvote if emotions are high, but I’m just putting this out there for discussion. At the end of the day, we’re here to make money. We don’t owe our loyalty to any single company.
Some people will step away now and come back later. Others will ride this out. Personally, I think both groups can win, it just depends on your goals and your patience.
**What’s realistically about to happen?**
**1. Dilution scenario (most likely):**
RC dilutes shares at a certain price, probably sometime this month but only after the deal is accepted. That part is important.
Once that happens, institutions and investors likely buy back in at the lower price created by the dilution.
And yeah… that raises a fair question: why not dilute earlier?
If RC signals dilution too early, the stock price drops *before* the deal is accepted. That makes the deal harder to execute and requires even more shares to be issued.
That’s why wording matters.
**“We’ll see what happens”** = we’ll see if eBay accepts the offer, *then* shares get sold to fund the 50%.
**2. Alternative (less likely):**
A run-up in price gives RC more favorable conditions to raise cash.
We’ve seen something similar before with the dilution after the 2024 run-up. So while possible, it’s not the base case here, unfortunately.
There’s a lot of noise out there between swaps and other theories but this is the grounded version of what’s most likely in play.
**Final thoughts**
This isn’t automatically a bad thing. But you need to ask yourself:
• What are your goals?
• What’s your timeline?
• How much patience do you actually have?
There’s likely a real opportunity here but it’s not overnight.
Most of you have already been through multiple storms. So the real question is: *do you want to ride another one?*
No wrong answer – just be sure that it’s *your* answer.
I just wanted to lay this out and wish everyone luck. At the end of the day, we all deserve a win.
**TL;DR:** GME would need to issue \~1.15B shares to fund the common stock portion, meaning dilution after deal acceptance. Short-term pain is likely, but could set up a longer-term opportunity and successful growth.
***Current position: 1,000 shares***

TD will secure 20billion to add to the 9 billion GME has. For the stock portion GME needs to shoot upto 62 per share in the mear future. Another thing is adding 1.1billion shares into the market which is extreme dillition and our price per share would drop immensely. One crazy thing is what if it doesnt and stays around the 20s after dillution? Did someone use it to cover? In the end IF this is also true its a win win. We win with a company going bigger and moving up and whoever was naked short wins by getting out although we would like to see them suffer.
This is all a guess while im breaking down the 50/50
Edit: If it does shoot up to 62 have to rewirk the convertibles also.

UNO Reverse / Kansas City Shuffle? Everyone is looking at GME buying a company, but maybe GME becomes the target.
* eBay reads Ryan's proposal and looks at what he's done with GME, buys GME and instills Ryan as Chairman and CEO
* GME already has $20B "highly confident" loan letter from TD, eBay could get similar loan at favorable terms
* eBay can offer 50% premium to today's price $36 (roughly $16B) which instantly puts the warrants in the money and generate cash to pay off the loan quickly
* GME already has rights to 5% of eBay which can be exercised and cancelled to lower eBay's shares outstanding
* Ryan is proposing to reduce costs by $2b per year and GME's enterprise value is $6b which puts the simple payback period of 3 years

Look, the math only works if you stop looking at this as a "retail turnaround" and start seeing it as the birth of Teddy.
The trademark filings from February weren't just for some children’s books or a few mugs; they were a surgical strike. RC has 15+ trademarks spanning everything from insurance and finance to a full-blown online marketplace. If you’re tracking the timing, he locked those down right as he started quietly accumulating that 5% stake in eBay. This isn't GameStop buying eBay; this is Teddy Holdings using GameStop’s balance sheet as a launchpad to build a diversified "Infinite Tech Berkshire."
The "Sultan" Bridge to Reality
The $55.5 billion gap is the elephant in the room. Everyone is screaming about dilution because GME's market cap is a fraction of the bid. But that’s old-school thinking. Enter the Sultan Almaadeed / Qatari connection.
If Almaadeed puts a representative on the board, he’s not there to help sell more used copies of Call of Duty. He’s there as the Institutional Shield.
The PIPE is the Secret Sauce: Instead of dumping shares on the open market and killing the price, RC does a private deal. A sovereign wealth fund or Sultan’s ENVST group buys a massive block of "Teddy-era" GME shares directly. They get them at a fixed price; RC gets the $15B–$20B in cash he needs to bridge the TD Securities loan and the cash-on-hand.
Zero Dilution Panic: Because it’s a PIPE, that money hits the balance sheet without the "Apes" getting diluted into oblivion on the public tape. It’s a vote of confidence from the literal deepest pockets on Earth.
Why the Board Seat Changes the Game
Having a Sultan-linked rep on the board turns GameStop into a Global Holding Company overnight.
Permanent Capital: Sovereign funds don't play for next quarter; they play for next century. This gives Teddy the "permanent capital" model that made Buffett rich.
M&A Muscle: These guys own half of London and massive stakes in global tech. They bring the "adult in the room" credibility to help RC gut eBay’s $2B in bloat and integrate their logistics into a new, blockchain-backed marketplace.
The "Teddy" Transition: With a sovereign backer, RC doesn't need the GameStop name to carry the weight anymore. He can migrate the whole circus under the Teddy Holdings LLC banner, housing GME, eBay, and whatever insurance/fintech play he just trademarked as separate subsidiaries.

> 20 billion borrowed (why would TD do this lol)
Using the company itself as collateral? If the deal goes through and GameStop falls behind on payments, TD are in control of eBay, worth over 50 billion, for 20 billion.
Of course this only shifts the question to "why would EBAY holders do this lol".