finance
GameStop CEO Ryan Cohen Offers $56 Billion to Buy eBay
GameStop CEO Ryan Cohen had his eBay account permanently suspended after he listed personal items for sale to symbolically fund his unsolicited bid to acquire the company. eBay cited activity that it said put the community at risk. The move follows Cohen's announcement of a half-stock, half-cash offer valued at $56 billion for eBay.
May 7, 7:19 PM·2m read3 sources
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GameStop CEO Ryan Cohen posted on X this week that he wanted to acquire eBay in a half-stock, half-cash deal valued at $56 billion. GameStop's current market capitalization stands at about $11 billion. The company has secured a $20 billion financing commitment from TD Bank toward the potential acquisition.
Post by @CoinDesk on X
Cohen later said he was selling items on the site to help fund the purchase, posting a screenshot of his seller page that included baseball trading cards, video games and other merchandise. If all listed items sold at their top bids, the total would exceed $138,000.
Within hours of Cohen's initial post, his account named ryan_5050 received a warning from eBay that he had exceeded the platform's monthly limit for posting items totaling more than $50,000. Less than 10 hours later, the account was permanently suspended.
Cohen shared screenshots of the suspension notice on X and wrote that he was on the phone with customer support. As of Thursday, his seller page still appeared visible on the site although access remained unclear. A GameStop spokesperson directed Fortune to Cohen's posts on X, saying they speak for themselves.
An eBay spokesperson did not immediately return a request for comment.
In a CNBC interview this week, Cohen described conversations about the potential acquisition as "just starting." He said eBay is a business that is under-earning and could generate significantly more profit. "GameStop is a good blueprint for that," Cohen stated of the potential turnaround. The company is scheduled to review the offer this week.
Cohen is known for bold business maneuvers. He founded Chewy, which he sold to PetSmart for $3.5 billion. During the meme stock surge of the early 2020s, his firm profited $68 million from a stake in Bed, Bath & Beyond. He first took a position in GameStop in 2020 and became CEO in 2023.
