A bizarre and unexpectedly funny corporate saga is unfolding after GameStop CEO Ryan Cohen reportedly tried to make a splash on eBay by auctioning his own gaming memorabilia—only for the account to be banned for “suspicious activity.” What sounds like a prank has now turned into a very real takeover narrative, with Cohen claiming his true interest has never been running GameStop in the first place. Instead, he says his ambition is tied to eBay, and he’s ready to do whatever it takes to lead the online marketplace.
In an interview with Business Insider, Cohen laid out his case for why he believes eBay needs a major shake-up at the top—starting with its leadership culture. He argued that current executives lack real commitment to the company’s long-term success, claiming they don’t have enough “skin in the game.” Cohen pointed to what he described as heavy insider selling, alleging that eBay leaders have sold hundreds of millions of dollars in stock without buying more. In his view, that’s a sign they aren’t acting like owners. He accused them of treating the business like an easy paycheck rather than a mission.
The bigger headline is the money: GameStop has made a $55.5 billion bid to acquire eBay, positioning the move as a way to strengthen both physical retail and digital commerce operations. According to the details shared, the offer values eBay at $125 per share, and the deal structure would be split evenly between cash and GameStop stock—giving shareholders the ability to choose which option they prefer.
Cohen also claims he’s ready to go further than a standard acquisition pitch. He said he’d be willing to buy eBay on his own and take no personal compensation from GameStop. Reports also say he has secured a commitment letter from TD Securities for $20 billion in debt financing to help support the potential acquisition—an eye-catching figure that signals he’s serious about getting the deal funded.
Beyond the takeover, Cohen is pitching a complete overhaul of eBay’s cost structure and competitive position. He said he wants to cut nearly $2 billion in costs, arguing there’s “a ton of fat that can be cut,” and framed his vision as turning eBay into a tougher rival for Amazon in online shopping and marketplace scale. To reinforce his message, he claimed he hasn’t pulled any money out of GameStop and even pledged to run eBay without taking a salary if the deal goes through—mirroring his approach at GameStop.
For now, eBay has acknowledged that it received Cohen’s letter and the non-binding offer. The company says it’s reviewing the proposal with its board of directors and legal advisors, which is standard procedure at this stage. Whether this turns into a blockbuster acquisition or remains a high-profile pressure campaign, the situation has already become one of the most unusual corporate takeover stories in recent memory—part business, part spectacle, and potentially a major shift in the future of online marketplaces.
