GameStop now owns about 9.8% of eBay, roughly 43.4 million shares, up from 5% in May 2026 [1, 2, 3]. The company has sharply escalated its push to acquire the online marketplace, originally announcing an unsolicited takeover bid valued between $55 billion and $57 billion earlier this year [1, 3]. The offer proposed $125 per eBay share in a mix of cash and stock, with GameStop CEO Ryan Cohen personally investing approximately $500 million into the acquisition effort [1, 3].
eBay rejected the offer in May, calling it "neither credible nor attractive" following a thorough review of the proposal [1, 3]. However, Cohen remains undeterred, increasing GameStop’s stake through share purchases and option conversions to gain significant influence over eBay’s board and strategy [3].
In an early August interview, Cohen outlined his vision to transform eBay by integrating GameStop's retail footprint with innovative features such as live commerce platforms and an in-game digital marketplace. He highlighted opportunities to use GameStop stores for same-day authentication and to reduce costs, driving growth simultaneously. "eBay is a platform that I can build into something much more profitable and much larger," Cohen said [1]. He emphasized his goal to maximize shareholder value through profitability and expansion.
Cohen also plans to become CEO of the combined entity if the takeover succeeds, according to multiple sources [2, 3]. Despite the expansion of his advisory team and outreach to large institutional shareholders of eBay, funding the acquisition remains a notable challenge for GameStop [3].
GameStop’s bid was first announced on May 4, 2026, with an offer price of $125 per share valuing eBay at about $55.5 billion [1]. eBay promptly rejected the bid on May 11, describing it as lacking credibility after due diligence [1]. By July 20, GameStop had raised its stake to 9.8% through purchase and option exercises [3].
Cohen’s plans for eBay focus on combining gaming, retail, and digital market features to build out new revenue streams and operational efficiencies [1, 2]. The next key phase will involve how successfully GameStop can rally enough shareholder support and secure financing to press ahead with the takeover.
