In a bold and perhaps slightly reckless move, GameStop has dropped a staggering $56 billion offer on eBay like it’s a hot potato at a summer barbecue—but let’s pause and ask the million-dollar (or should I say $56 billion?) question: where’s the cash coming from?
Ryan Cohen, the wily CEO and former Chewy mastermind, is out to dethrone Amazon with ambitions so lofty they could make a hot air balloon blush. He’s got a commitment letter from TD Bank for $20 billion in debt financing, which sounds great until you realize there’s still a *whopping* 36 billion unaccounted for. Did he find a genie in a lamp who’s just itching to grant three wishes or what?
Sources whispering sweet nothings to the Wall Street Journal suggest that Middle Eastern sovereign wealth funds might come to the rescue, but where’s the transparency? Nothing says ‘smart investment’ like a vague hint at getting cash from mysterious foreign funds. Let’s hope Cohen doesn’t think he can stage a heist like it’s a blockbuster movie.
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