GameStop CEO Ryan Cohen withdrew a proposed bonus plan that could have paid him up to $35 billion. He said the change will allow him to focus on GameStop's operating performance and the company's planned acquisition of eBay [1, 2, 3, 4, 5].
The $35 billion pay package was linked to GameStop reaching a $100 billion market cap and $10 billion in adjusted EBITDA. That plan was approved by GameStop's board in January 2026, before any decision to pursue acquiring eBay [2, 3, 4, 5]. The board noted then the company had not yet decided to pursue the eBay deal [4].
GameStop's market value currently stands near $10 billion, far below eBay's valuation of approximately $48 billion to $56 billion [2, 3, 5]. The acquisition bid for eBay was $56 billion in cash and stock, made in May 2026. eBay’s board rejected the offer, calling it "neither credible nor attractive" [2, 3, 5].
Despite eBay’s rejection, Cohen reiterated his confidence in the deal, saying, "When you look at how much the businesses together make sense, and then you look at the fact that it's within my circle of competence, I can't stop thinking about it" [5]. He will invest $500 million of his own money into the acquisition [5].
An investor filed a class-action lawsuit in Delaware’s Chancery Court to block Cohen’s original pay package pending further disclosures. GameStop called the suit without merit [2].
Since becoming CEO in 2023, Cohen has improved profitability at GameStop through store closures and cost cuts, though staff morale remains low [4]. A company statement said Cohen wants leadership fully focused on operating results and the proposed eBay acquisition, supporting the withdrawal of the pay plan [3].
GameStop plans to release more information this week detailing the strategic rationale and operational plan for the combined company following the acquisition [1, 2, 3, 4]. The annual shareholder meeting, where Cohen’s pay package would have been voted on, is scheduled for July 7, 2026 [2, 5].
