Ryan Cohen walks away from $35 billion: GameStop goes all in on eBay
GameStop (NYSE: GME) CEO Ryan Cohen made a decision that turned the retail giant's corporate strategies upside down. He asked the board of directors to withdraw the vote on his bonus program, which could have brought him up to $35 billion if all conditions were fully met. According to Cohen, this move will allow management to fully focus on the key task — the deal to acquire eBay.
The board of directors approved this bonus back in January 2026 — before GameStop announced its plans to acquire eBay. Cohen's request was granted, and the company has already sent an additional notice of changes to the U.S. Securities and Exchange Commission (SEC). Waiving the payout is a powerful signal: GameStop's future is now entirely tied to the eBay acquisition.
A Sacrifice for Scale
The main conditions for 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 shareholders' meeting, which will be held on July 7. The company must be fully focused on efficiency and the eBay deal.
Recall that GameStop offered to buy eBay at $125 per share, paying with cash and its own shares. eBay's board of directors called the offer "unconvincing and unattractive" and rejected it. Cohen, in turn, publicly criticized eBay's $2.4 billion marketing expenses and pointed out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, bringing the corporate dispute into the public eye.
Vision for the Future: A Digital Platform for Gaming Items
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 fast-growing secondary trading market, which is currently almost closed to external buyers. To realize this idea, eBay's scale, its network of sellers, and payment infrastructure are necessary.
On Polymarket, the probability of the deal closing is estimated at just 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.
Analyst's Comment: Cohen's decision is a classic "all or nothing" gesture. Waiving $35 billion is not altruism but a calculation that the eBay deal will pay off many times over. However, the market remains skeptical: the 14% probability on Polymarket indicates that investors do not believe in success. GameStop's presentation this week will be the clearest signal — whether the bid to buy eBay will lead to a deal agreement or whether this is just another episode in the story of meme stocks.