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 escalated his pursuit of eBay, stating in a Bloomberg interview that he is 'coming for eBay one way or another.' GameStop now holds a 9.8% stake in eBay (43.4 million shares), following an unsolicited $56 billion acquisition offer (~$125 per share) that eBay's board rejected as 'neither credible nor attractive.' The article examines the bull case, citing Cohen's track record with Chewy, GameStop's $7.38 billion cash position, and the strategic logic of using GameStop's 1,600 stores as authentication hubs for collectibles (42% of GameStop revenue). The bear case highlights financing challenges, as GameStop's market cap (~$10 billion) is roughly one-quarter of eBay's (~$50 billion), and the only backing is a non-binding $20 billion letter from TD Securities contingent on investment-grade credit. eBay's strong performance under CEO Jamie Iannone (19% revenue growth in Q1 2026) further complicates the bid. Hedge fund data shows 61 funds held eBay at end of Q1 2026, with total dollar value declining.
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