Ryan Cohen turned down a $35 billion bonus to focus on the eBay acquisition.
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected move that upended the company's corporate agenda. He asked the board of directors to remove the vote on his own performance bonus. The potential amount was enormous — up to $35 billion if all ambitious targets were met. According to Cohen, the reason for this decision is simple: management must be fully focused on efficiency and the deal to acquire eBay.
The board of directors approved this bonus back in January 2026, long before GameStop announced plans to acquire eBay. Now, following Cohen's request, the board has granted it, and the company has filed an additional notice of changes with the U.S. Securities and Exchange Commission (SEC). Forgoing the payout sends a powerful signal: GameStop's future is now directly tied to the potential acquisition of eBay.
The Price of Ambition: $100 Billion Market Cap and $10 Billion EBITDA
Initially, the conditions for receiving the bonus were GameStop's market capitalization reaching $100 billion and achieving total EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10 billion. By waiving the payout in advance, Cohen removes potential questions about corporate governance ahead of the annual shareholder meeting scheduled for July 7. This decision appears to be an attempt to consolidate shareholder support before a key event.
Cohen has consistently pressured eBay throughout the campaign. He openly criticized the platform's $2.4 billion marketing expenses 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 eye. Now, by forgoing personal gain, Cohen is trying to present himself as a leader fully committed to the cause, not personal enrichment.
Merger or Failure: What the Presentation Will Reveal
Cohen envisions the future of the 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 seller network, and payment infrastructure.
On Polymarket, 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 past day.
Cryptalist Analysis: Forgoing $35 billion is undoubtedly a high-profile PR move, but it also demonstrates how serious Cohen is about the deal. Given eBay's resistance and market skepticism, this step could be decisive in convincing GameStop shareholders of the need for aggressive expansion. The presentation this week will provide the clearest signal: will the bid to acquire eBay lead to a deal agreement, or is this the beginning of a protracted and costly standoff?