I get it, the news surrounding the Ebay merger are somewhat scary if we take it at face value. 50% in cash, 50% in stock (absolutely shocking).
Cash:
The sentiment is: Scared! If we assume Ryan will even think about securing a loan with high interest rates, you clearly didn't take notice these past years. RC did ATMs into Volume and Price days (No he did not kill the first sneeze in may 2024, ATM was after the peak). He secured us Bonds at 0%!!! interest rate! Why do we think he is going to accept such huge condition that the new company can barely pay the rates AND pay back the debt? He has shown time and time again that he is frugal with money. A financing round with high rates is out of the possible imo.
Shares:
As others have stated, we would need to vote to go over 1b shares. There is not much left when we consider bonds, warrants, etc. And no, nobody believes we squeeze and do ATM into it to get the cash just with remaining shares! And do we really think he is going to dilute himself and all loyal board members around him just to get his comp package, which WE STILL HAVE TO VOTE FOR?
I don't know him personally, but his past actions and the few interviews which could be taken seriously to decipher who is or could be, tells me there is much more to this story than we know now.
I THINK: He will secure a low interest rate, will secure more cash than 50%, will only offer the remaining shares outstanding or work with Warrants/derivatives etc. This thing is payed back in 5 years max (with cost cutting, collectibles, innovation, yada yada) I think not he will dilute us in a way that Hurts shareholders, none of his actions have so far. We still have to vote in june and I don't think he will serve something silly so we all say no.
Did we really learn nothing these past years?
I still trust the CEO with my money, not financial advice, just another take on the events here.....