GameStop CEO turned down $35 billion for eBay: strategic move or risk?
GameStop CEO Ryan Cohen made an unexpected move by withdrawing his potential $35 billion bonus. This decision, approved by the board of directors, is aimed at fully focusing the company's efforts on the acquisition deal with eBay. Such an act demonstrates Cohen's exceptional commitment to his vision, even at the cost of personal enrichment.
Why Did Cohen Give Up the Giant Bonus?
Initially, the board of directors approved the bonus for Cohen in January 2026, before the announcement of plans to purchase eBay. Key conditions for the payout were GameStop's market capitalization reaching $100 billion and achieving a total EBITDA of $10 billion. Giving up these potentially enormous funds removes any questions about conflicts of interest ahead of the annual shareholders' meeting scheduled for July 7. Cohen made it clear: the company's future is now inextricably linked to the acquisition of eBay.
The Battle for eBay: From Offer to Block
GameStop offered $125 per share for eBay, financing the deal with cash and its own stock. However, eBay's board of directors rejected the offer, calling it "unconvincing and unattractive." Cohen did not give up: he publicly criticized eBay's $2.4 billion marketing expenses and pointed out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, turning the corporate dispute into a public one.
Vision of the Combined Platform: Games and Digital Assets
Cohen envisions the future combined company as a digital marketplace for trading gaming items, where in-game assets such as skins become full-fledged goods with real value. To realize this ambitious idea, eBay's scale, its network of sellers, and payment infrastructure are necessary. This is a direct blow to the rapidly growing secondary trading market, which is currently almost closed to outside buyers.
On the Polymarket platform, 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. Meanwhile, GameStop (GMEX) shares are trading at $21.16, up 0.64% over the day.
Expert Opinion: This move by Cohen is a classic example of going all-in. By giving up $35 billion for the eBay deal, he is putting not only his reputation but also the future of GameStop on the line. If the acquisition goes through, we will see the birth of a giant at the intersection of gaming, retail, and digital assets. If not, Cohen will be left empty-handed, and shareholders will lose trust. GameStop's presentation this week will be a decisive signal: will the bid to buy eBay lead to an agreement or to failure.