The Spoiler Alert…
Before we talk numbers, we need to talk about Charlie Munger.
Munger — Warren Buffett’s right hand for 45 years, the guy who turned “I’m just a poor man’s Buffett” into a philosophy — once said something that aged so well it should be in a museum:
“When a manager with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”— Charlie Munger
Translation: it doesn’t matter how smart you are. A bad business will humble you every time.
Keep that in your back pocket. We’re coming back to it.
Here’s the story ⇩
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Trump Just Named His Secret AI Project. It’s Called “Golden Dawn.”
When a secretive project gets a name, it means we’re closer to a breakthrough than most people think. Behind the razor wire of a hidden government lab in Tennessee, 40,000 scientists are finishing work on an AI computer 283 trillion times more powerful than today’s data centers — spanning more than 700 miles and built to speed up AI breakthroughs by 36,000%. When Golden Dawn launches, it could instantly leapfrog ChatGPT, Gemini, and Grok — and trigger a $100 trillion reset of the AI markets. Louis Navellier is revealing the one stock at the center of it — down to the ticker — but only through May 5th.
The Offer
Six months ago, Ryan Cohen stood in front of GameStop shareholders and told them he was looking for an acquisition that could be “genius or totally, totally foolish.“
Most people laughed. The meme stock guy, the one who turned a dying video game retailer into a cash machine through sheer stubbornness, was going shopping. How big could he really go?
$55.5 billion, as it turns out.
On Sunday evening, GameStop submitted a formal offer to acquire eBay — the original online auction house, the website that taught an entire generation that strangers on the internet would actually mail you things.
The offer is $125 per share, a 46% premium to where eBay was trading before Cohen started quietly accumulating a 5% stake in the company.
Nobody knew he was building it. Months of silence, then a $55 billion letter in your inbox on a Sunday night.
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Hidden in Tesla’s Filing: A $12 Billion “Super Startup”
Pull up Tesla’s most recent SEC filing. Page 5.
And you’ll see a single line showing $12 billion in revenue from a brand-new “super startup” Elon Musk has been quietly incubating inside Tesla.
This new “super startup” has nothing to do with cars or robots or space or AI…
But it sits at the center of what Blackstone calls “a $23 trillion investment opportunity.”
And on July 22, Elon is expected to pull back the curtain and reveal exactly what he’s building.
But Adam O’Dell already knows… and he reveals it all in this urgent video.
The Absurd Math
The math is uncomfortable in the best possible way. GameStop is worth roughly $12 billion. The company it wants to buy is worth roughly $46 billion. The financing required — a “highly confident letter” from TD Securities for up to $20 billion — is larger than GameStop itself. About a third of the cash comes from GameStop’s own balance sheet. The rest is borrowed conviction.
Cohen told the Wall Street Journal he is “more qualified than anyone” to run eBay — pointing to his time building Chewy into a pet retail giant before selling it for $3.35 billion at 33 years old.
He also said he’s ready to go to war with shareholders if eBay says no. A proxy battle. Full send.
To be fair — Cohen has earned some audacity. He turned GameStop from a dying mall retailer into a cash-generating machine through brutal expense cuts and discipline. The meme energy got him in the door. The balance sheet kept him there.
But eBay isn’t a turnaround story. It’s a slow bleed that’s been losing ground to Amazon, Etsy, and StockX for a decade.
Great brand. Rough economics. Sound familiar?
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Companies are already delaying their IPOs. Why?
Because the SpaceX offering is expected to absorb nearly all the capital in the market.
Bloomberg reported the shift. Citigroup just joined the underwriting team.
The raise could hit $50 billion. But the smart money isn’t just buying the IPO.
They’re positioning into the one chokepoint supplier this $1.75 trillion empire depends on to stay online.
Most investors will see it after the move.
The Guy Who Pressed Sell
Michael Burry — the guy who bet against the entire housing market in 2008 and won — posted three words about the deal on X:
“Makes perfect sense.”
Everyone assumed Burry was bullish.
But he was not bullish.
Burry then published a full piece dripping with sarcasm — and announced he’s selling his GameStop position this week. Here’s what he actually thinks:
Burry, unfiltered
“Neither does this seem revolutionary or ground-breaking in nature. More dilution, or more debt — really, the capital markets strategy here could not be more pedestrian.”
“If GameStop wants to dominate collectibles and used goods with billions of interest expense and all manner of covenants restricting its movements, it will not be breaking new ground. It will be trotting in well-worn ruts on the road to capitalist Hell.”
“Wall Street does indeed mistake debt for creativity, and does so constantly.”
And then Burry pulled out Munger’s quote. The exact one we opened with. He used a Munger’s words as a punchline aimed directly at a living one.
→ GameStop fell 8% Monday.
→ eBay jumped 9%.
SPONSOR BREAK presented by OxfordClub*
Only Hours To Go: Elon’s Biggest Move Ever?
After meeting Elon Musk and analyzing months of research…
Former CIA consultant Dr. Mark Skousen believes June 2026 a potential SpaceX IPO announcement could take place.
He found an “access code” that could let you get exposure ahead of it.
Learn how to claim your stake before time runs out.
So what does it all mean?
→ Ryan Cohen is betting his reputation can rescue eBay’s economics.
→ Burry is betting the economics win.
The market right now has one question it cares about: does this have anything to do with AI?
→ If yes, you get a multiple.
→ If no — whether you’re a meme legend or not — you get skepticism.
Cohen says this deal could be “genius or totally, totally foolish.”
Munger would have told him the business gets to decide.
The market, for now, is voting foolish.
Burry is walking out the door.
And somewhere in the gap between a $6 billion buyer and a $55 billion target, the answer is forming.
Don’t forget to to cast your vote 👇
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