Ryan Cohen donates $35 billion: full focus of GameStop on acquiring eBay
GameStop (NYSE: GME) CEO Ryan Cohen made a decision that shocked many on Wall Street. He officially asked the board of directors to remove the vote on his personal performance bonus from the agenda. This bonus, contingent on meeting all ambitious KPIs, could have reached an astronomical sum of $35 billion.
The board of directors approved this request in January 2026 — before the company announced its plans to acquire eBay. Now that GameStop has filed the corresponding notice of changes with the SEC, it becomes clear: the company's future is inextricably linked to the potential acquisition of the e-commerce giant.
The key conditions for receiving this bonus were GameStop's market capitalization growth to $100 billion and achieving total EBITDA of $10 billion. By declining the payout in advance, Cohen removes any potential questions about corporate governance ahead of the annual shareholder meeting scheduled for July 7. This is a strategic move aimed at eliminating any distractions.
Cohen Bets on eBay: Why Is He Turning Down Money?
The official statement emphasizes that the company must be "fully focused" on efficiency and the eBay deal. GameStop has promised to announce new data this week that will reveal the strategic rationale for the deal, financing details, and the management plan for the combined company.
"He wants the team to be completely focused on GameStop's efficiency and the proposal to buy eBay," the company's press release states.
Recall that after announcing the intention to buy eBay at $125 per share, paid for with cash and its own stock, GameStop shares briefly attracted increased interest from meme coin enthusiasts. However, eBay's board of directors called the proposal "unconvincing and unattractive" and rejected it.
Cohen continued the 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, and the corporate dispute went public.
What Could a Platform Merger Entail?
Cohen envisions the future of the 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 fast-growing secondary trading market, which is currently largely closed to external 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 of directors will sit down at the negotiating table. Meanwhile, GameStop (GMEX) shares are trading at $21.16, up 0.64% over the day.
Expert Commentary: Cohen's decision is not altruism, but hard-nosed pragmatism. Giving up $35 billion in favor of full concentration on buying eBay is either a brilliant move that could rewrite the rules of the game in retail, or a risky step that could end in disaster. GameStop's presentation this week will be the clearest signal: will the bid to buy eBay lead to a deal agreement, or is this the beginning of the end of the meme saga.