Cohen Wants GameStop to Swallow eBay Whole

GameStop is preparing a takeover bid for eBay in a deal that would see a meme-stock retailer attempt to absorb a $46 billion e-commerce giant.

Ryan Cohen is preparing a takeover bid that would see a meme-stock retailer consume one of the internet’s oldest marketplaces.

GameStop is readying an acquisition offer for eBay, the Wall Street Journal reported late Friday, in a deal that would rank among the most audacious corporate bids in recent memory. eBay’s market capitalisation sits near $46 billion, dwarfing GameStop’s own valuation and raising immediate questions about how Cohen intends to finance the transaction.

The GameStop CEO, who holds roughly 8.4% of the company and recently bought $10.6 million in additional shares, has told associates he is targeting a $100 billion combined valuation. The ambition is stark: transform a struggling video-game chain with a $9 billion cash pile into a dominant e-commerce platform. Cohen sees eBay’s marketplace infrastructure, its 130-million-plus active buyers, and its global logistics network as the engine for that leap.

Both stocks surged on the news. eBay jumped as much as 15% in extended trading, while GameStop shares rose roughly 9% as retail investors piled in. The meme-stock faithful, who fuelled GameStop’s 2021 short squeeze, have a new narrative to trade on.

But the maths is punishing. GameStop’s war chest covers a fraction of eBay’s equity value. A deal of this scale would almost certainly require massive debt issuance, equity dilution, or both. Regulatory scrutiny from the FTC is a near-certainty for any transaction combining two major online retail platforms. And eBay’s board has given no public indication it would welcome an unsolicited approach.

Cohen has not commented publicly. What happens next depends on whether a formal offer materialises, whether eBay engages, and whether any competing bidder emerges. For now, this is a statement of intent from a CEO who has repeatedly bet that boldness alone can reshape a company’s trajectory.