Ryan Cohen declines a $35 billion premium: betting on an eBay acquisition
GameStop (NYSE: GME) CEO Ryan Cohen has made an unprecedented decision, asking the board of directors to withdraw the vote on his personal bonus, which could have reached $35 billion if all set goals were met. This move is directly linked to the ambitious deal to acquire eBay.
The board of directors approved this bonus back in January 2026, before GameStop announced its plans to acquire eBay. However, Cohen, understanding that a potential conflict of interest could hinder the negotiation process, insisted on withdrawing the vote on his bonus. The SEC has already received the corresponding notification. This gesture is not just a display of corporate ethics, but a powerful signal to the market that GameStop's future is inextricably linked with eBay.
Bonus Conditions and Strategic Focus
As a reminder, the key conditions for the bonus payout were GameStop's market capitalization growth to $100 billion and achieving a total EBITDA of $10 billion. By forgoing these assets, Cohen removes any potential questions regarding corporate governance, especially ahead of the annual shareholder meeting scheduled for July 7.
Cohen stated that the company must be "fully focused" on efficiency and the eBay deal. GameStop promises to present 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 official press release states.
The Battle for eBay: Conflict Goes Public
After GameStop announced its intention to buy eBay for $125 per share, paid for with cash and its own stock, shares of the meme company attracted increased attention. However, eBay's board of directors called the proposal "neither compelling nor attractive" and rejected it.
Cohen, in turn, continued the pressure, criticizing eBay's $2.4 billion marketing spend and pointing out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, pushing the corporate dispute into the public sphere.
Vision for the Future: From Game Trading to Digital Marketplace
Cohen envisions 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 fast-growing secondary trading market, which is currently almost closed to external buyers. eBay's scale, its network of sellers, and its payment infrastructure are critically important for realizing this idea.
On Polymarket, the probability of the deal closing is estimated at only 14% — market participants largely do not believe eBay's board of directors will sit down at the negotiating table. Meanwhile, GameStop (GME) shares are trading at $21.16, up 0.64% over the day.
Analyst's Opinion: Cohen's rejection of the bonus is a masterstroke that simultaneously removes corporate risks and demonstrates his complete confidence in the deal's success. GameStop's presentation this week will be the clearest signal: will the bid to buy eBay lead to a deal agreement, or will we witness one of the loudest corporate conflicts of the year? The market remains skeptical, but Cohen is clearly playing the long game.