Ryan Cohen Says He’s Coming for eBay “One Way or Another.” What GameStop (GME) Shareholders Need to Know
Ryan Cohen, chairman of GameStop, has publicly stated his intent to acquire eBay, declaring 'We're coming for eBay one way or another.' GameStop now holds a 9.8% stake in eBay (43.4 million shares) after purchasing additional shares and converting options. In May, GameStop made an unsolicited $56 billion offer (~$125 per share) for eBay, which the eBay board quickly rejected, citing concerns over financing and strategic logic. The bull case highlights Cohen's track record (building Chewy, fixing GameStop's balance sheet), GameStop's $7.38 billion cash reserve, and the potential synergy of using GameStop's 1,600 stores as authentication hubs for collectibles (42% of GameStop revenue). The bear case focuses on financing challenges: GameStop's market cap (~$10 billion) is one-quarter of eBay's (~$50 billion), and the only financing commitment is a non-binding $20 billion letter from TD Securities contingent on an investment-grade rating. eBay's strong performance (19% revenue growth in Q1 2026) makes a hostile takeover harder to justify to shareholders.
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