Ryan Cohen turned down a $35 billion prize for eBay: a strategic move or a sacrifice?
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected but highly telling move. He asked the board of directors to remove from the vote the question of his own performance bonus, which, if all conditions were fully met, could have reached an astronomical sum of $35 billion. The reason for this decision is a desire to fully focus the team's efforts on a potential deal to acquire eBay.
The board of directors approved this bonus back in January 2026, long before GameStop announced plans to buy eBay. Cohen's request was granted, and the company has already filed an additional notice of the changes with the U.S. Securities and Exchange Commission (SEC). This waiver of the payout is a powerful signal to the market: GameStop's future is now directly tied to the potential acquisition of eBay.
Let me recall the key conditions under which the bonus could have been paid: GameStop's market capitalization reaching $100 billion and achieving total EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10 billion. By forgoing this money in advance, Cohen removes potential corporate governance questions ahead of the annual shareholders' meeting scheduled for July 7. This is a classic move to concentrate attention on the main issue.
Cohen stated that the company should be "fully focused" on efficiency and the eBay deal. GameStop promised to announce new data this week, which will reveal the strategic rationale for the deal, financing details, and the management plan for the combined company.
Recall that after announcing the intention to buy eBay at $125 per share, paid for with cash and its own shares, GameStop 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 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.
Platform Merger: A Look to the Future
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 almost closed to external buyers. And to realize this idea, eBay's scale, its network of sellers, and its payment infrastructure are needed.
On Polymarket, the probability of the deal closing is estimated at just 14% — market participants generally do not believe eBay's board will sit down at the negotiating table. Meanwhile, GameStop xStock (GMEX) is trading at $21.16, up 0.64% over the past day.
My analysis: Cohen's waiver of the bonus is not just a goodwill gesture but a strategic maneuver. It shifts the focus from personal enrichment to corporate expansion, which could play a key role in the negotiation process with eBay. 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 merely a loud but unsuccessful attempt? The market rates the chances low, but in the world of meme stocks and aggressive strategies, surprises cannot be ruled out.