Ryan Cohen is walking away from $35 billion and betting it all on eBay: GameStop's new strategy
GameStop (NYSE: GME) CEO Ryan Cohen has taken an unprecedented step by asking the board of directors to remove his bonus program from voting. The potential bonus, if all ambitious KPIs were met, could have reached $35 billion. However, according to Cohen, forgoing this payout is necessary so that the company's management can fully focus on the top priority — the deal to acquire eBay.
Sacrifice for a Mega-Deal
The board of directors approved this bonus back in January 2026, long before GameStop announced plans to acquire eBay. Nevertheless, Cohen insisted on withdrawing the matter. The board granted his request, and the company has already filed a corresponding supplementary notice with the U.S. Securities and Exchange Commission (SEC). This move sends a powerful signal to the market: GameStop's future is now inextricably linked to the potential acquisition of eBay.
The main conditions for receiving the bonus were extremely high: increasing GameStop's market capitalization to $100 billion and achieving total EBITDA of $10 billion. By forgoing the payout in advance, Cohen removes all potential corporate governance questions ahead of the annual shareholder meeting, scheduled for July 7. This allows him to present himself to investors not as a manager chasing personal enrichment, but as a leader fully committed to the company's growth strategy.
Why eBay and Why Now?
In his statement, Cohen emphasized that the company must be "fully focused" on efficiency and the eBay deal. GameStop promises to reveal new strategic data this week, including the rationale for the deal, financing details, and a management plan for the combined company.
After GameStop announced its intention to buy eBay at $125 per share, paid for with cash and its own stock, the company's shares briefly attracted heightened interest from meme coin enthusiasts. However, eBay's board of directors called the proposal "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 sphere.
Vision for the Future: From Games to the Digital Economy
Cohen envisions the future 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. To realize this idea, eBay's scale, seller network, and payment infrastructure are critically important.
On Polymarket, the probability of the deal closing is estimated at just 14% — market participants largely do not believe eBay's board will sit down at the negotiating table. Meanwhile, GameStop (GMEX) shares are trading at $21.16, up 0.64% over the day.
My analysis: Cohen's decision is a classic "all or nothing" move. Forgoing $35 billion is not just a gesture, but a strategic maneuver designed to consolidate shareholder support and pressure eBay. However, given market skepticism (14% probability on Polymarket) and resistance from eBay's board, the chances of success are slim. GameStop's presentation this week will be a decisive signal: can Cohen convince the market of the synergy between the two platforms, or will this remain just a loud but unsuccessful attempt?