Ryan Cohen turned down a $35 billion bonus for the eBay acquisition — a strategic move or a risk?
GameStop CEO Ryan Cohen made an unprecedented decision: he asked the board of directors to withdraw his compensation, which could have reached $35 billion if all KPIs were met. The reason is a complete focus on the deal to purchase eBay.
The board of directors approved this bonus back in January 2026, long before GameStop announced plans to acquire eBay. However, Cohen insisted on withdrawing the issue from the vote, arguing that it was necessary to concentrate all team resources on the company's efficiency and the upcoming acquisition. The company has already filed a corresponding notice of changes with the SEC.
The key conditions for the bonus payment were ambitious: GameStop's market capitalization had to reach $100 billion, and cumulative EBITDA had to reach $10 billion. Waiving these payments removes potential corporate governance issues ahead of the annual shareholders' meeting, which will be held on July 7.
Cohen Bets on eBay
Cohen stated that the company must be "fully focused" on efficiency and the eBay deal. GameStop promised to announce new data this week, revealing the strategic rationale for the deal, financing details, and a management plan for the combined company.
Recall that GameStop offered to buy eBay at $125 per share, paid for with cash and its own shares. eBay's board of directors called the offer "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, turning the corporate dispute into a public one.
Synergy or Illusion?
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 rapidly growing secondary trading market, which is currently almost closed to outside buyers. Realizing this idea requires eBay's scale, its network of sellers, and its payment infrastructure.
On Polymarket, the probability of the deal closing is estimated at only 14% — market participants mostly 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 the clearest signal: will the bid to purchase eBay lead to a deal agreement, or is it another loud but failed maneuver?
Expert opinion: Cohen's rejection of $35 billion is a powerful signal to the market that he is personally interested in the success of the deal. However, the low probability on Polymarket and the resistance from eBay's board of directors indicate that the path to acquisition will be extremely difficult. If the deal falls through, it could seriously undermine confidence in Cohen's strategy and trigger a correction in GameStop's stock.