Ryan Cohen says he’s not passionate about GameStop while making a desperate bid for eBay

Ryan Cohen, the current CEO of GameStop, has recently openly acknowledged his lack of passion for the company while focusing on an acquisition of eBay. In a conversation with Business Insider, Cohen said his real interest lies with eBay, where he believes in the business model. The revelation comes at a critical moment for GameStop, which is facing major market challenges.

Cohen’s role at GameStop

Ryan Cohen became CEO of GameStop in 2023, after joining the board in 2021. His appointment came during the period known for the 'meme stock' hype, when GameStop’s share price suddenly surged. Despite that early attention, Cohen has not managed to reverse the retailer’s struggles.

Under his leadership, GameStop has closed hundreds of stores and completed the sale of its international operations. These strategic shifts reflect a company rethinking itself amid the move toward digital platforms and growing competition in the gaming industry.

Bid for eBay

Cohen has emphasized his interest in eBay, saying he has never been passionate about his role at GameStop. Instead, his desire to become CEO of eBay is stronger than ever. So far, Cohen has made a $56 billion bid for eBay, but his financial backing is a major issue; he reportedly has only $9.4 billion in assets. The offer includes a mix of cash and stock, echoing the financial strategies that were popular during the meme stock era.

GameStop’s current problem

GameStop is facing significant operational and financial problems, and the company’s outlook remains bleak. With hundreds of stores closed and international branches sold off, the challenge is only growing. Cohen has also tried selling items on eBay itself, including GameStop merchandise, to raise extra capital, but the effectiveness of that strategy is questionable.

The growing digital market for video games makes GameStop’s decline even more stark, as the business increasingly shifts toward online platforms. That raises fresh questions about the viability of its current business model.