GameStop CEO turned down $35 billion to buy eBay: Ryan Cohen's new strategy
Ryan Cohen, CEO of GameStop (NYSE: GME), has made an unprecedented decision: he asked the board of directors to withdraw the question of his own bonus from the shareholder vote. The bonus in question could have reached $35 billion if all ambitious conditions were met. The reason for this move is his complete focus on the deal to purchase eBay.
The board of directors approved this bonus back in January 2026, before GameStop announced its plans to acquire eBay. Cohen asked the board to remove the item from the agenda, and the request was granted. The company has already filed a corresponding additional notice of changes with the U.S. Securities and Exchange Commission (SEC). This waiver of payment sends a clear signal to the market: GameStop's future is now inextricably linked to the potential acquisition of eBay.
The Conditions Cohen Rejected
The initial conditions for receiving the bonus were extremely ambitious: increasing GameStop's market capitalization to $100 billion and achieving total EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10 billion. By declining the payment in advance, Cohen removes any potential questions about corporate governance ahead of the annual shareholder meeting scheduled for July 7. He stated that the company should be "fully focused" on performance and the eBay deal, rather than on internal bonus programs.
Recall that GameStop offered to buy eBay at $125 per share, payable in cash and its own stock. eBay's board of directors called the offer "unconvincing and unattractive" and rejected it. Cohen, in turn, has publicly criticized eBay's $2.4 billion marketing spend and pointed out the platform's inconvenience. The conflict has gone public: in May, eBay even blocked Cohen's trading profile.
Vision for the Future: From Games to Digital Assets
Cohen envisions the combined company as a digital marketplace for trading gaming items, where in-game assets such as skins become full-fledged goods with real value. Realizing this idea requires eBay's scale, its network of sellers, and its payment infrastructure. This is a direct entry into the fast-growing secondary trading market, which is currently almost closed to outside buyers.
Cryptalist Analysis: On Polymarket, the probability of the deal closing is estimated at only 14% — market participants largely do not believe that eBay's board of directors will sit down at the negotiating table. Nevertheless, GME shares are trading at $21.16, up 0.64% over the day. GameStop's presentation this week will provide the clearest signal: will the bid to buy eBay lead to a deal agreement, or is it just another twist in Cohen's meme game? In my view, the rejection of $35 billion is a powerful PR move that strengthens Cohen's position as a "man of action," but the market is still waiting for concrete details.