Breaking news: Community Bank and Trust of West Georgia has been closed by the Federal Deposit Insurance Corporation. This makes it the second bank to close this year

InvestorTurf now believes it is looking increasingly likely that GameStop could complete a hostile takeover of eBay by year-end, following GameStop’s reported 9% stake in the company. A key factor is eBay’s own proxy history, which has repeatedly stated that the company has “No Stockholder Rights Plan,” also known as a poison pill. For example, eBay’s 2020 proxy stated: “We do not have a stockholder rights plan (also known as a ‘poison pill’).” At this point, we believe one of two outcomes is likely: either a hostile takeover is completed by year-end, or shareholders may be facing an ugly legal battle. Given eBay’s past corporate controversies and documented misconduct by former employees, we would not underestimate the lengths to which eBay’s leadership and advisers may go to resist a transaction they oppose. $GME $EBAY

South Korean stocks are in freefall. Roughly ₩400 trillion has been wiped from the country’s stock market today after the KOSPI plunged 8.44%, marking its steepest single-day drop since March 4. Trading was temporarily halted after a circuit breaker was triggered.

JPMorgan just abandoned its long-standing bearish stance on Tesla, upgrading the stock to “neutral” from “underweight” and more than tripling its price target from $145 to $475. The bank cited Tesla’s unmatched industrial-scale vertical integration, along with its long-term potential in AI, robotics, and energy storage. Worth noting: this is the same bank Elon Musk chose to be part of SpaceX’s IPO — a deal that could generate hundreds of millions in fees. Understand the game. $TSLA $JPM

Everyone thinks the SpaceX IPO will be free money. That alone should make retail investors cautious. Great companies do not always make great investments—especially when investors pay almost any price to own them. Facebook was one of the most anticipated IPOs in history. It went public at $38 in 2012. Within months, the stock traded below $18—a decline of roughly 53%. The company eventually became enormously successful. But investors who blindly bought the IPO hype still suffered first. The same pattern has happened repeatedly: Rivian briefly became one of America’s most valuable automakers after its IPO. Its shares later fell more than 80%. Didi’s IPO was heavily oversubscribed. Its shares later dropped roughly 74% from the offering price. Figma nearly quadrupled during its first trading session. It later fell below its IPO price. Uber, Lyft, Robinhood, Snap and Coinbase also showed investors that a famous brand, exciting story and heavily promoted listing do not guarantee immediate profits. Now comes SpaceX. SpaceX is targeting a valuation of approximately $1.75 trillion and is expected to begin trading under the ticker $SPCX as early as June 12. The company plans to offer roughly 555.6 million shares at $135 each. That would raise approximately $75 billion—the largest IPO ever. Many investors see the limited public float and assume the stock can only go up. But scarcity can create volatility in both directions. At the proposed valuation, investors are being asked to pay nearly 100 times annual sales for a company that lost almost $5 billion last year. SpaceX may become one of the greatest companies in history. That does not mean every price is a good entry price. An IPO is not only an opportunity for the public to buy. It is also the moment when years of private-market paper wealth begin gaining a path toward liquidity. Some insiders and selected shareholders may be able to sell earlier than investors expect, while additional restricted shares could become eligible for sale over the following months. Retail investors should ask themselves: Am I buying the business because the valuation makes sense? Or am I buying because I am afraid of missing the first green candle? The crowd may be right about SpaceX’s future. It can still be dangerously wrong about the price. Do not confuse an extraordinary company with a risk-free investment.

GameStop has reported its highest quarterly net income ever at $389.6 million and its highest first-quarter operating income at $143.3 million. Year-on-year net sales grew 14% driven by a surge in collectibles. The company also boasts a substantial cash reserve of $9.7 billion, along with marketable securities digital assets and related receivables. $GME

Shiprock Capital Management Ltd and Broad Reach Investment Management are rejecting investor funds because of a massive record-breaking rally in emerging market debt. This influx of capital into specialised and difficult-to-access sovereign and distressed debt has reached their capacity limits.

Short seller Andrew left of Citron Research has been found guilty of securities fraud.

$AMC ENTERTAINMENT RECORDS HIGHEST MAY ATTENDANCE SINCE 2019

🚨BREAKING NEWS🚨 $AMC Entertainment’s Form 4 filing shows CEO Adam Aron purchased 250,000 shares at an average price of $1.38 per share (open market buy)

Citadel tells key researchers to relocate from Hong Kong or resign.

🚨 🚨BREAKING NEWS🚨🚨 EBay rejects GameStop's audacious $56 billion takeover bid $GME $EBAY

GameStop will ask stockholders to vote on approving an amendment to increase the number of authorized shares to 2.5 billion, as well as approving Ryan Cohen’s performance award. $GME

After 43 years in business, a Louisiana family sold its electrical equipment company for $1.7 billion; then shared $240 million with its workers. Graham Walker, the former CEO of Fibrebond Corp. in Minden, sold the family-owned maker of electrical-equipment enclosures to power-management giant Eaton last year. But before the deal was finalized, he added one condition: 15% of the proceeds would be distributed among the company’s 540 full-time employees, none of whom owned equity. The result was a combined $240 million payout, with the average worker receiving about $443,000.

We call out predatory institutions wherever we see them; whether it’s Citadel Securities, Virtu Financial, Wall Street predators, or, in this case, eBay. What $EBAY was accused of doing is beyond disgusting: stalking, harassment, allegedly sending disturbing items to someone’s home, and allegedly targeting that person through prostitution websites. This was not just “bad corporate behavior.” It was a full-blown scandal. And the worst part? There are still four active board members connected to that era who remain in place. If GameStop were to take over eBay, @ryancohen would need to clean house immediately after the sale closes. No excuses. No delay. That board would have to go. Retail investors, this story needs to be known. Share the article. Spread it everywhere. Make noise. This is the moment to put pressure on eBay and force real accountability — and possibly force a sale.

GameStop Should Study eBay’s Darkest Chapter Before Anyone Talks “Strategic Deals” $GME $EBAY

Trey Collins (TreysTrades ) was on video crashing out, despite the fact that his AMC-related portfolio was reportedly worth roughly $1 million near the height of the AMC stock run. In June 2021, it was reported that Collins had turned about $8,000 in savings into roughly $1 million through $AMC stock and options. (Likely lost it all)

Michael Burry says today’s market feels reminiscent of the final months of the 1999–2000 bubble.

Jeffrey Gundlach, known as the “Bond King,” says rate cuts are unlikely and advises investors to favor cash, gold, and real assets.