Ryan Cohen forfeits $35 billion bonus to focus on acquiring eBay
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected and bold move by asking the board of directors to cancel the vote on his bonus program, which could have reached an astronomical $35 billion if fully executed. The reason is his desire to fully focus the company's efforts on a potential acquisition deal with eBay.
The board of directors approved this bonus back in January 2026, before GameStop announced plans to acquire eBay. However, Cohen personally requested that the item be removed from the vote, and the board granted his request. The company has already filed the corresponding notice of changes with the SEC. This rejection of a massive compensation package sends a powerful signal to the market: GameStop's future is now directly tied to the potential eBay acquisition, and Cohen intends to eliminate any corporate distractions.
The key conditions for the bonus payout were a GameStop market capitalization of $100 billion and achieving total EBITDA of $10 billion. By renouncing the bonus in advance, Cohen removes potential corporate governance issues ahead of the annual shareholder meeting, which will be held on July 7.
Cohen Turns Down Money for eBay
Cohen stated that the company must be "fully focused" on efficiency and the eBay deal. GameStop promises to release new data as early as this week, including strategic justifications for the deal, financing details, and a management plan for the combined company. "He wants the team to be completely focused on GameStop's efficiency and the offer to buy eBay," the company's press release said.
Recall that GameStop offered to buy eBay at $125 per share, paid for with cash and its own stock. This offer was rejected by eBay's board of directors, who called it "unconvincing and unattractive." Nevertheless, Cohen continues to apply pressure, criticizing eBay's $2.4 billion marketing expenses 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.
What a Platform Merger Could Mean
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. 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 only 14% — market participants largely do not believe eBay's board 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 not altruism, but a strategic gambit. Cohen is trying to consolidate shareholder support and show eBay the seriousness of his intentions. However, the market is skeptical: the chances of the deal are low, and the whole endeavor looks like an attempt by Cohen to find a new narrative for a meme stock. GameStop's presentation this week will be the clearest signal: will the bid to buy eBay lead to a deal agreement, or will it remain just a loud PR stunt?