Ryan Cohen has put $500 million of his own money behind GameStop’s bid for eBay. The board across the table has already turned the offer down.
GameStop announced its non-binding proposal on May 3, 2026. It values eBay at roughly $55.5 billion, or $125 per share, paid half in cash and half in stock. That price is a 46% premium over where eBay shares stood in early February 2026.
Cohen’s pledge targets one doubt in particular: whether GameStop, a much smaller company, can really close a deal of this size. To show it can, GameStop pointed to approximately $9.4 billion in available cash, along with further financing commitments. The CEO’s own funds come on top.
A quick no from eBay
eBay did not wait long. The company rejected the proposal shortly after it landed and called it “neither credible nor attractive.”
GameStop has not backed off. It has signaled that it still intends to pursue the acquisition, and Cohen has been making the case in public discussions and interviews. He also withdrew a proposed $35 billion performance-based compensation package so that the takeover would have his full attention.
The strategic argument rests on collectibles and resale markets, where both companies already have footholds. GameStop has spent years building its position in gaming collectibles and trading cards. eBay is still the dominant platform for secondhand goods and auction-style commerce. GameStop also says synergies in marketing and product development could produce over $2 billion in annual cost savings.
For GameStop shareholders, the pledge ties the chief executive’s fortune to their own. Whether that gets the company any closer to a signed deal is another question. The alternative is that GameStop is spending political capital on a bid eBay has no intention of accepting.
Cohen’s position is plain. He gave up a $35 billion pay package and committed half a billion dollars because he believes the combined company would be worth more than its parts added together. eBay’s board disagrees.
