Ryan Cohen declines a $35 billion bonus for the eBay acquisition — a new course for GameStop
GameStop (NYSE: GME) CEO Ryan Cohen has taken an unprecedented step by asking the board of directors to withdraw the question of his bonus, which could have reached $35 billion if all KPIs were met. This gesture demonstrates top management's complete focus on the deal to purchase eBay.
The board of directors approved this bonus in January 2026 — before GameStop announced its plans to acquire eBay. Cohen personally requested that this item be removed from the vote, and the board granted his request. The company has already filed the corresponding notice of changes with the SEC.
The key conditions for the payout were GameStop's market capitalization reaching $100 billion and achieving total EBITDA of $10 billion. By renouncing this potential payout, Cohen removes any possible questions about corporate governance ahead of the annual shareholder meeting, which will take place on July 7.
Cohen Bets on eBay
In an official statement, GameStop emphasized that the company must be "fully focused" on performance and the eBay deal. Cohen publicly stated that he wants the team to concentrate exclusively on the offer to purchase eBay. In the coming days, GameStop promises to disclose new data, including strategic justifications for the deal, financing details, and a management plan for the combined company.
After announcing its intention to buy eBay at $125 per share, paid for with cash and its own shares, GameStop's stock attracted increased interest from meme coin enthusiasts. However, eBay's board of directors called the offer "unconvincing and unattractive" and rejected it. Cohen, in turn, harshly criticized eBay's $2.4 billion marketing spending 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.
What Lies Behind the Platform Merger?
Cohen sees 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 rapidly growing secondary trading market, which is currently almost closed to outside buyers. To realize this ambitious idea, eBay's scale, its network of sellers, and its payment infrastructure are critically necessary.
On Polymarket, the probability of the deal closing is estimated at only 14% — market participants largely 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.
Cryptalist Analytical Commentary: Cohen's renunciation of $35 billion is not just a gesture of goodwill, but a strategic move. It clearly signals to the market and shareholders: GameStop's future is now inextricably linked to eBay, and no internal corporate issues should distract from this goal. GameStop's presentation this week will be a key moment — it will either confirm the seriousness of the intentions or show that the deal is doomed. In any case, this is one of the most intriguing corporate dramas of the year.