Ryan Cohen rejects $35 billion premium to acquire eBay: a new era for GameStop?
Watching the progress of this deal, I am increasingly convinced: Ryan Cohen is not acting like a typical CEO of a traditional retailer, but like an aggressive venture capitalist ready to take radical steps. GameStop (NYSE: GME) CEO Ryan Cohen's decision yesterday — to withdraw from the shareholder vote the question of his bonus program, which could have brought him up to $35 billion if ambitious goals were met — is not just a gesture of nobility. It is a clear signal to the market: all resources and team focus must be directed at one thing — buying eBay.
Strategic Maneuver or Necessary Measure?
The board of directors approved this bonus back in January 2026, long before the announcement of plans to acquire eBay. The conditions were truly astronomical: GameStop's market capitalization had to reach $100 billion, and consolidated EBITDA $10 billion. By declining this payout, Cohen removes potential corporate friction ahead of the annual shareholder meeting scheduled for July 7. As stated in GameStop's official statement, withdrawing the bonus allows the team to "fully focus on GameStop's efficiency and the proposal to buy eBay."
Let me remind you that GameStop offered to buy eBay at $125 per share, paid for with cash and its own shares. eBay's board of directors has already called the proposal "unconvincing and unattractive" and rejected it. However, Cohen is not giving up. He has 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, moving the corporate dispute into the public sphere.
What Lies Behind Cohen's Ambitions?
Cohen's vision is to create a single digital marketplace for trading gaming items, where in-game assets such as skins become full-fledged goods with real value. To realize this idea, the scale of eBay, its network of sellers, and payment infrastructure are needed. The secondary market for trading games and their items is huge, but remains largely closed to external buyers.
Analytical Conclusion: On the Polymarket platform, the probability of the deal closing is estimated at only 14%. Market participants generally 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. GameStop's presentation this week will be a key signal: can the company convince the market of the reality of its plans. If the deal falls through, the rejection of the $35 billion bonus could be perceived as a sign of weakness, not strength. But if Cohen manages to pull off this merger, GameStop's story will enter the textbooks as one of the most audacious corporate turnarounds of our time.