TechFlow News, May 2 — According to sources familiar with the matter, GameStop CEO Ryan Cohen is planning to make a bid to acquire eBay, an e-commerce platform valued at approximately $45 billion, with the aim of transforming it into a retail giant worth over $100 billion. GameStop’s current market capitalization stands at roughly $11 billion. Per Bitget market data, following the news, eBay’s after-hours stock price surged more than 10% on U.S. markets, while GameStop’s shares rose about 5% in tandem. The sources also revealed that GameStop has quietly accumulated eBay shares and may submit its formal offer as early as later this month. Should eBay’s board reject the proposal, Cohen may proceed directly with a tender offer to eBay shareholders. Earlier this year, Cohen explicitly stated he is scouting for major acquisition targets in the consumer and retail sectors, seeking to expand GameStop’s business beyond video games and collectibles. He recently revised his compensation plan—under which he could receive up to $35 billion in stock rewards if GameStop achieves a $100 billion market cap and other conditions are met.
As of the end of March, GameStop held approximately $9 billion in cash—nearly double its $4.8 billion cash position a year earlier—providing ample firepower for this “David-vs.-Goliath” acquisition. Over the past 12 months, eBay’s stock has risen more than 50%. In February, the company acquired secondhand fashion platform Depop for $1.2 billion, signaling early success for its core strategic focus on collectibles and fashion. Michael Burry—the investor who inspired the film *The Big Short* and a GameStop shareholder—has publicly urged the company to pursue transformative acquisitions using its cash reserves. Since joining GameStop’s board in 2021 and ascending to chairman, Cohen has built a large, passionate following by pledging to reverse the company’s decline. He is expected to once again leverage his massive online fanbase to generate momentum for this deal.
