Ryan Cohen donates $35 billion for eBay: new GameStop strategy
GameStop (NYSE: GME) CEO Ryan Cohen has asked the board of directors to withdraw the question of his bonus, which could have reached $35 billion if all conditions were met. As Cohen himself stated, this step will allow management to fully focus on the deal to acquire eBay. The decision demonstrates that the company's future now directly depends on the potential acquisition of one of the world's largest marketplaces.
The board of directors approved this bonus back in January 2026 — before GameStop announced plans to acquire eBay. Cohen asked to remove the question from the vote, and the board granted his request. The company has already filed an additional notice of changes with the U.S. Securities and Exchange Commission (SEC). The main conditions for the bonus payment were GameStop's market capitalization reaching $100 billion and achieving total EBITDA of $10 billion. By declining the compensation in advance, Cohen removes potential corporate governance questions ahead of the annual shareholder meeting scheduled for July 7.
Betting on eBay and Digital Transformation
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 a management plan for the combined company. According to him, the future of the combined company is envisioned as a digital marketplace for trading gaming items, where in-game assets such as skins become full-fledged goods with real value. The project targets the rapidly growing secondary trading market, which is currently almost closed to external buyers, and its implementation requires eBay's scale, its network of sellers, and payment infrastructure.
Recall that after GameStop announced its intention to buy eBay at $125 per share, paid for with cash and its own shares, the company's securities briefly attracted increased interest from meme coin enthusiasts. However, eBay's board of directors called the proposal "neither compelling nor attractive" and rejected it. Cohen continued to apply pressure, criticizing eBay's $2.4 billion marketing spending and pointing out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, bringing the corporate dispute into the public sphere.
On Polymarket, the probability of the deal closing is estimated at just 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. GameStop's presentation this week will be the clearest signal of whether the bid to buy eBay will lead to a deal agreement.
My analysis: Cohen's rejection of $35 billion is not altruism, but a pragmatic move. It removes a conflict of interest in front of shareholders and demonstrates confidence in the success of the acquisition. However, given eBay's resistance and the low probability of the deal in the markets, this step could be risky: if the deal falls through, Cohen will be left without both the bonus and a strategic breakthrough.