💥 Did you know that if you spent $1 on $EBAY stock right now, you’d have shown more conviction in that public company than anyone currently serving on their board or as an executive officer has since February 2021?
In over 22 years, a total of 14 eBay insiders have purchased less than 150,000 split-adjusted shares on the open market, according to openinsider.com
Only two of those people are still considered insiders:
Paul S. Pressler, Chairman of the Board
+ 5,140 shares at $29.12 on 11/30/2015
+ 4,180 shares at $23.94 on 2/1/2016
= 9,320 shares total; $249,746 invested on the open market
Logan Green, Director
+ 1,000 shares at $28.32 on 11/3/2016
+ 902 shares at $69.23 on 2/9/21
= 1,902 shares total; $90,765.46 invested on the open market
On 5/1/2026, GameStop bought 2.23x more shares than the entire current eBay board has ever purchased with their own money, according to SEC filings.
Your leaders should put their money where their mouth is.
@DanyelJKing@CollinRugg You’re basically saying this dude was homeless because he didn’t go to college or get an inheritance.
Do you realize how fucking retarded you are?
Allow me to translate this letter from eBay for those who don’t speak legalese:
Ryan,
We got your unsolicited offer to buy eBay for $125/share (half cash, half stock) supported by your 5% economic interest in eBay.
Our board, backed by the usual crew of bankers and lawyers who get paid either way, “thoroughly reviewed” it.
We’re rejecting it. Not because the math doesn’t work. Not because the highly confident letter from TD Securities for up to $20B on top of your $9B+ cash pile is fake. None of that.
We’re rejecting it because your entire approach to running a company is an existential threat to how we like to operate here.
Here are the reasons we feel this way, and the things we considered before paying consultants to write this:
1) We’d rather keep milking eBay as a “standalone” cash cow than let you turn it into something bigger and better.
2) Sure, you’ve got real financing lined up and you “know people” with deep pockets, but we’re going to call it “uncertain” anyway so we don’t have to engage.
3) Your plan would actually force real long-term growth and profitability changes we’d rather not be held accountable for.
4) The debt we pretended you can’t even obtain, the operational integration and focus on seller satisfaction, and most importantly, putting someone like you in charge of the combined entity all sound like a nightmare for our current leadership structure because all of us would have zero job security.
5) The valuation math only looks bad if you ignore the 46% premium you’re offering our shareholders and the upside from fixing eBay the way you fixed GameStop, which we are choosing to do and hoping nobody notices.
6) And I hope we buried the lede far enough here: Your governance and executive incentives are completely incompatible with ours. You and your board take zero cash, no salary, no bonuses, no golden parachutes. You buy shares with your own money and only get paid if shareholders win. We, on the other hand, like our nice, reliable annual payouts regardless of whether the stock is flat or the company is just coasting. We’re not about to hand over our golden goose to a guy who eats only what he kills.
Look, eBay is “strong” and “resilient” in the way every entrenched public company says it is while handing out eight-figure checks and perks to the C-suite. We’ve done the usual incremental stuff: tweaked the marketplace a bit, returned some capital, and we’d like to keep doing that without any cowboy from GameStop coming in and demanding actual skin-in-the-game accountability. Can you just leave us alone?
Our team remains focused on protecting the current regime and delivering “value”… mostly to ourselves and our consultants.
Thanks, but no thanks,
Paul S. Pressler Chairman of the Board, eBay (And proud beneficiary of the status quo)
Final Stop GameStop: The Jig is Up
In Part 1, I outlined how he arrived on the scene – we had a talk in 2019 about GameStop and investing. The Chewy founder then made a big splash as an activist with a Form 13D filing later in 2020.
He has held on with the diamondest hands.
Ryan, the current Executive Chairman, CEO and owner of now about 9% of GameStop stock, ascended to this dual role in September 2023.
Let’s take a look at the business as it stands today.
Here I will introduce the Scion Analyst Template, in parts. This is a Microsoft Word template I put together for my wayward analysts early in 2006. The idea was to get everyone thinking my way about analyzing stocks.
I will now, as I would have in 2006, analyze GameStop stock by working through the template one section at a time.
open.substack.com/pub/michaeljbu…
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