Take-Two Told a Court BlackRock May Own 10%. Its Proxy Says 6.81%

Take-Two Interactive told a federal court last week that BlackRock "may beneficially own 10% or more" of its common stock. Take-Two's own proxy statement, filed with the SEC four weeks earlier, puts BlackRock at 6.81%. Both documents are Take-Two's. Both are recent. They do not agree, and the likely explanation is dull. We think it is worth a few hundred words anyway, because it says something about how fast this paperwork was put together, and because the proxy is a clean answer to a question readers actually ask: who owns the company behind GTA 6? What did Take-Two tell the court? CONFIRMED at the primary source. The Rule 7.1 corporate disclosure statement went into all four DMCA subpoena matters. Verbatim: "Pursuant to Federal Rule of Civil Procedure 7.1, Plaintiff Take-Two Interactive Software, Inc. ('Take-Two') states that Take-Two has no parent corporation. BlackRock, Inc. is a publicly held entity which, with its wholly-owned subsidiaries, may beneficially own 10% or more of the outstanding common stock of Take-Two. No other publicly held corporation owns ten percent or more of Take-Two's stock." It is signed /s/ Rachel Bandli of Ruttenberg IP Law, dated Astoria, New York, 21 August 2026. We pulled it at HTTP 200, 272,568 bytes. The identical text went into all four matters, filed by two different law firms five days apart, which is a good sign that it was carried forward from a stored template rather than freshly checked. What does Take-Two's own proxy say? CONFIRMED at the primary source. Take-Two's DEF 14A proxy statement, filed 27 July 2026, HTTP 200 at 3,583,206 bytes, contains a beneficial ownership table for holders of five percent or more. HolderSharesPercent The Vanguard Group13,131,9087.02% BlackRock, Inc.12,726,9236.81% State Street12,026,1956.43% Public Investment Fund11,414,6806.10% JPMorgan Chase9,303,9674.98% Strauss Zelnick1,382,568not a five percent holder All directors and executive officers as a group (13 persons)2,101,0611.12% Two things fall out of that table for a general reader. Vanguard is the largest holder, marginally ahead of BlackRock. And Saudi Arabia's Public Investment Fund is a top-five shareholder in the company that makes Grand Theft Auto, at 6.10%. Is this a problem for Take-Two? Almost certainly not, and we want to be fair about why. Rule 7.1 exists so that judges can check whether they hold stock in anything connected to a case and recuse themselves if they do. It is a screening device. The statement is hedged with the word "may", which is doing real work in that sentence, and over-disclosing a holder costs nobody anything while under-disclosing one could cause a problem later. BlackRock was above 10% of Take-Two in past years, so the most likely story is a paragraph carried forward from an older template that nobody re-checked against the current proxy. We are not alleging anything. What the mismatch supports is the same reading we have taken all week from the caption errors and the blank identifier fields in these filings: they were assembled at speed. One honest limit on our own figure. We could not retrieve a current BlackRock Schedule 13G/A. So treat 6.81% as the most recent number Take-Two itself published rather than a certified present-day holding. Index fund positions move. Every image on this page is official Rockstar material, taken from the studio's own character video clips. Nothing on this page comes from leaked material, and we did not view any. Has Take-Two told the SEC anything about the leak? CONFIRMED NEGATIVE. Our researcher queried the EDGAR submissions API for CIK 0000946581 twice, HTTP 200 at 157,537 bytes each time. Take-Two's most recent filing of any kind is dated 18 August 2026 and is a routine director Form 4. There is no Item 1.05 Form 8-K, and no 8-K of any kind, since the leak became public. DateFiling 2026-08-18Form 4, three of them 2026-08-17Schedule 13G 2026-08-17Form 144, two of them 2026-08-11Form 4 2026-08-10Form 144 2026-08-07Form 10-Q 2026-08-07Form 8-K Does a company have to file after a hack? CONFIRMED, and this is where a lot of coverage goes wrong. The SEC's cybersecurity disclosure rule, adopted 26 July 2023, is described in the Commission's own press release 2023-139, verbatim: "An Item 1.05 Form 8-K will generally be due four business days after a registrant determines that a cybersecurity incident is material." The clock starts at a determination of materiality. That determination happens inside the company and is not observable from outside it. A company is entitled to conclude that an incident is not material to investors, and if it concludes that, no Item 1.05 filing is required at all. So the accurate statement is that Take-Two has made no cybersecurity disclosure to the SEC. We are not writing that Take-Two missed a deadline, because we have no way of knowing whether a deadline ever started running, and neither does anybody else outside the company. What has the share price actually done? CONFIRMED. Daily closes, pulled from the Yahoo Finance chart API at HTTP 200 and 3,327 bytes. DateClose (USD) 10 August253.57 11 August250.50 12 August243.00 13 August241.91 14 August246.95 17 August241.61 18 August242.40 19 August237.04 20 August240.15 21 August239.62 24 August233.50 From the 10 August close to the 24 August close is a fall of $20.07, or 7.9%. It is a steady drift rather than a crash, with two up days inside it. The discrepancy, printed rather than smoothed over. Widely circulated coverage describes a move "from $248.13 to $231.60 in 48 hours" and about $2.83bn erased. Neither of those figures reproduces on a closing basis against the series above, and both are probably intraday prices. We are not blending the two sets of numbers into one narrative, and we are telling you that they exist so you can spot the mismatch when you see it quoted elsewhere. We also make no claim about cause. A share price in a week like this responds to the whole market, and attributing a 7.9% drift to one story is the sort of thing that reads well and proves nothing. Did anyone at Take-Two sell? CONFIRMED NEGATIVE. No executive or director filed to sell after the leak became public. The only post-leak Form 144s are two routine tax-withholding sales by directors on restricted stock vesting, with aggregate market values of $31,116.27 and $88,693.62, both showing an approximate sale date of 08/17/2026. Those are the automatic sales that happen when a stock grant vests and shares are sold to cover the tax bill. They are the least discretionary transactions in corporate life, and at those sizes they are noise. If somebody shows you a "Take-Two insiders are dumping stock" post this week, that is what it is built on. What is and is not established Confirmed at the primary source: the Rule 7.1 statement filed in all four subpoena matters says BlackRock "may beneficially own 10% or more" of Take-Two, signed /s/ Rachel Bandli, dated Astoria, New York, 21 August 2026. Source HTTP 200 at 272,568 bytes. The identical text went in all four matters, filed by two firms five days apart. Confirmed at the primary source: Take-Two's DEF 14A proxy of 27 July 2026 puts BlackRock at 12,726,923 shares and 6.81%, behind Vanguard at 7.02%, with State Street at 6.43%, the Public Investment Fund at 6.10% and JPMorgan Chase at 4.98%. All directors and executive officers as a group, 13 people, hold 1.12%. The fair reading: Rule 7.1 is a recusal-screening device, the statement is hedged with "may", and boilerplate carried forward from years when BlackRock was above 10% is the likely explanation. No allegation is made here about anybody. Our own limit: we could not retrieve a current BlackRock Schedule 13G/A, so 6.81% is the last figure Take-Two itself published rather than a certified present-day holding. Confirmed negative (EDGAR submissions API for CIK 0000946581, HTTP 200 at 157,537 bytes, retrieved twice): Take-Two's most recent SEC filing of any kind is a routine director Form 4 dated 18 August 2026. There is no Item 1.05 Form 8-K and no 8-K of any kind since the leak became public. Confirmed: per SEC press release 2023-139, an Item 1.05 Form 8-K is generally due four business days after a registrant determines that a cybersecurity incident is material. Explicitly not claimed: that Take-Two missed an SEC deadline. The clock starts at a materiality determination made inside the company, which nobody outside it can observe, and a company that determines an incident is not material owes no filing. Confirmed (Yahoo Finance chart API, HTTP 200 at 3,327 bytes): the daily closes tabled above. From 10 August to 24 August the close fell $20.07, or 7.9%. Does not reproduce: the widely quoted move "from $248.13 to $231.60 in 48 hours" and the $2.83bn figure. Neither matches a closing basis against that series and both are likely intraday. We do not blend the two sets. Explicitly not claimed: that the leak caused the price move. We are showing the numbers, not attributing them. Confirmed negative: no executive or director filed to sell after the leak became public. The only post-leak Form 144s are two routine director tax-withholding sales on vesting, aggregate market values $31,116.27 and $88,693.62, approximate sale date 08/17/2026. If an Item 1.05 filing appears, or if a fresh 13G/A changes the ownership picture, we will report it with the document shown on our news page. If you would rather read about games than about proxy statements, our servers list is the place to go.