Ryan Cohen turned down a $35 billion premium to buy eBay: GameStop's strategic gambit
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected move — he asked the board of directors to remove his bonus from voting, a bonus that could have reached $35 billion if ambitious goals were met. Cohen stated that this would allow management to fully focus on the deal to acquire eBay — a priority that, in his opinion, outweighs personal gain.
The board of directors approved this bonus back in January 2026, before GameStop announced plans to acquire eBay. Cohen requested the bonus be withdrawn, and the board granted his request. The company has already filed an additional notice of changes with the SEC. The waiver of the payout is a powerful signal to the market: GameStop's future is now inextricably linked to the potential acquisition of eBay.
Bonus Conditions and Strategic Focus
The main conditions for receiving the bonus were GameStop's market capitalization reaching $100 billion and achieving cumulative EBITDA of $10 billion. By forgoing these potentially enormous payouts, Cohen removes all corporate governance questions ahead of the annual shareholder meeting scheduled for July 7. He emphasized that the company must be "fully focused" on performance and the eBay deal.
GameStop has promised to announce new data this week, revealing the strategic rationale for the deal, financing details, and the management plan for the combined company. The company's press release states: "He wants the team to be fully focused on GameStop's performance and the offer to purchase eBay."
The Battle for eBay: Meme Stocks vs. Corporate Giant
After GameStop announced its intention to buy eBay at $125 per share, paying with cash and its own stock, the company's securities briefly attracted increased interest from meme coin enthusiasts. However, eBay's board of directors called the offer "neither compelling nor attractive" and rejected it.
Cohen continued to apply pressure throughout the campaign. He openly criticized eBay's $2.4 billion marketing spend and pointed out that using the platform remains inconvenient. In response, eBay blocked Cohen's trading profile in May, and the corporate dispute went public.
Vision for the Future: A Digital Marketplace for Gamers
Cohen envisions the future combined company as a digital marketplace for trading gaming items, where in-game assets like skins become full-fledged goods with real value. The project targets the rapidly growing secondary trading market, which is currently almost closed to outside buyers. Realizing this idea requires eBay's scale, its network of sellers, and its payment infrastructure.
On Polymarket, the probability of the deal closing is estimated at just 14% — market participants largely do not believe eBay's board of directors will sit down at the negotiating table. Meanwhile, GameStop xStock (GMEX) is trading at $21.16, up 0.64% over the past day.
My analysis: Cohen's refusal of $35 billion is not just altruism, but cold-blooded calculation. He understands that the eBay deal is GameStop's only chance to transform from a dying retailer into a technology giant. If the acquisition does not happen, GME shares could return to fundamental levels far from their meme highs. This week's presentation will be a decisive signal — it will show whether Cohen can convince the market of the reality of his vision.