What is Bitch-I-OWN-U?

Simply put, it means what it say:
BITCH, I OWN U (As in, it is your property)

"HEY YOU, THERE! BITCH"

"Huh , What? I'm not a Bitch..."

"Bitch-I-OWN-U!!!%@#&^@"

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Bitch-I-OWN-U - meme gif

Bitch-I-OWN-U - video