Ryan Cohen donates $35 billion for eBay: A strategic move by GameStop
GameStop (NYSE: GME) CEO Ryan Cohen has asked the board of directors to withdraw the issue of his bonus program, which could have reached $35 billion if all conditions were met. According to Cohen, this will allow management to fully focus on the deal to acquire eBay.
The board approved this bonus in January 2026 — before GameStop announced its plans to acquire eBay. Cohen's request was granted, and the company sent an additional notice of changes to the U.S. Securities and Exchange Commission (SEC). Waiving the payout sends a powerful signal to the market: the company's future is now directly tied to the potential acquisition of eBay.
The key conditions for the bonus were GameStop's market capitalization reaching $100 billion and achieving total EBITDA of $10 billion. By waiving the payout in advance, Cohen removes potential corporate governance questions ahead of the annual shareholder meeting, which will be held on July 7.
Cohen Forgoes Money for eBay
Cohen stated that the company must be "fully focused" on efficiency 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 press release notes that Cohen wants the team to be completely focused on GameStop's efficiency and the offer to buy eBay.
After GameStop announced its intention to buy eBay at $125 per share, paid for 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, bringing the corporate dispute into the public sphere.
What a Platform Merger Could Mean
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 largely 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 will come to the negotiating table. Meanwhile, GameStop (GME) shares are trading at $21.16, up 0.64% over the day.
GameStop's presentation this week will be the clearest signal of whether the bid to buy eBay will lead to a finalized deal. My expert assessment: waiving $35 billion is not altruism, but a pragmatic move. Cohen understands that without eBay, GameStop risks remaining a niche player. The deal could radically change the market landscape, but the chances of success are currently slim.