Ryan Cohen walks away from $35 billion for eBay: a strategic move or a risky gamble?
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected move by asking the board of directors to withdraw the question regarding his personal bonus, which could have reached $35 billion under maximum performance conditions. The goal is to have a completely free hand for the deal to purchase eBay. The decision has already been approved by the board, and the company has filed the corresponding notice with the SEC.
GameStop's board of directors approved this bonus back in January 2026 — long before the company announced its plans to acquire eBay. The conditions for the payout included GameStop's market capitalization reaching $100 billion and achieving total EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10 billion. By giving up this money in advance, Cohen removes potential questions about corporate governance ahead of the annual shareholders' meeting, which will take place on July 7.
Cohen stated that the company should be "fully focused" on efficiency and the eBay deal. This week, GameStop promises to disclose new data, including strategic justifications for the deal, financing details, and a management plan for the combined company. The press release emphasizes that Cohen wants the team to focus on GameStop's efficiency and the offer to purchase eBay.
As a reminder, GameStop offered to buy eBay at $125 per share, payable in cash and its own shares. 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 expenses and pointed out the platform's inconvenience. In response, eBay blocked Cohen's trading profile, turning the corporate dispute into a public matter.
What could the merger of platforms lead to?
Cohen envisions the future of the combined company as a digital marketplace for trading gaming items, where in-game assets, such as skins, will become full-fledged goods with real value. The project targets the rapidly growing secondary trading market, which is currently almost closed to external buyers. To realize this idea, eBay's scale, its seller network, and payment infrastructure are needed.
On Polymarket, the probability of the deal closing is estimated at only 14% — market participants mostly 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.
My analysis: Giving up $35 billion is a powerful signal to the market. Cohen demonstrates that his personal interests do not stand in the way of an ambitious strategy. However, given the low probability of the deal on Polymarket and eBay's resistance, this is more of a risky move than a guaranteed success. GameStop's presentation this week will be the clearest signal — whether the bid to purchase eBay will lead to a deal agreement or whether we will witness another corporate battle.