Ryan Cohen: GameStop CEO who tries to buy eBay for $56 billion

Ryan Cohen, the CEO of GameStop, has revealed plans to buy the auction platform eBay for an eye-watering $56 billion. That has sparked a remarkable marketing stunt, with him selling various GameStop-related items on eBay to help raise the necessary funds.

The buyout deal

Cohen announced his unsolicited bid for eBay on 3 May 2026, with the aim of acquiring 100% of the shares at a price of $125 per share in cash and stock. GameStop currently has a market value of around $10.69 billion, which means there is a significant shortfall for the transaction, given eBay’s value of roughly $46 billion.

Selling stunt on eBay

To help raise the required amounts, Cohen began listing 25 different items on eBay, with each listing accompanied by a handwritten letter from Cohen to eBay’s management. Among the items up for sale are GameStop store signs, a Halo 3 flag, and even a carpet, with bids ranging from $750 to $10,800.

Timeline

3 May 2026: Cohen announces his unsolicited bid for eBay for $56 billion.
6 May 2026: Cohen starts selling items on eBay to raise money for the takeover.
7 May 2026: Cohen says his eBay account has been suspended due to activity that could pose risks to the eBay community.

Funding challenges

Despite his plans, Cohen faces major financial hurdles. GameStop has a proven balance sheet with around $9.4 billion in liquid assets, but the funding required could also depend on third parties and possibly even sovereign wealth funds from the Middle East. Cohen says he is willing to issue new shares, which would dilute existing shareholders.

His goal is to turn eBay into a legitimate competitor to Amazon, but many remain skeptical about the feasibility of his plans, especially given the heavy debt burden that would come with such an acquisition.

Market reactions

Over the past week, the stock market has reacted to Cohen’s plans. GameStop shares rose significantly after the bid was announced, but the stock is still not reaching the level many expected earlier this week. Cohen’s earlier comments in an interview about how he would arrange the financing have raised further questions and drawn criticism from veteran investors such as Michael Burry.

The ongoing reaction to these developments shows that both GameStop and eBay shareholders are watching the process with interest and concern. The future of this venture remains uncertain, but Cohen’s strategy could bring both opportunities and significant risks.