Ryan Cohen of GameStop Contemplates Investing in a Company That’s Not for Sale Despite Lacking Funds
GameStop’s CEO, Ryan Cohen, is not going to buy eBay. This is mainly because eBay isn’t on the market, and Cohen lacks the funds to make such a purchase. Yet, that hasn’t stopped him from making bold claims about acquiring the online marketplace. In June, the former pet food mogul even announced he was stepping away from pursuing a $35 billion bonus to chase this seemingly unrealistic goal. Now, reports suggest that Cohen is “considering withdrawing” from his $56 billion bid.
Cohen is undeniably wealthy. As the co-founder of Chewy, he pocketed a significant amount from the company’s $3.35 billion sale to PetSmart in 2017 and has since made headlines with various high-profile investments. In 2020, he invested $76 million into GameStop just before the company became a meme stock sensation, eventually taking the helm as CEO amid the chaos. Since then, he has closed numerous stores, spent considerable funds on NFTs and blockchain ventures, and transformed the once-gaming retailer into a toy resale shop. Despite all this, Cohen has expressed a lack of passion for GameStop, instead fixating on his puzzling ambition to acquire eBay for $56 billion.
His announcement was baffling. If we stretch the imagination, GameStop’s value might have been around $11 billion when he made his intentions known in May 2026. Since then, the stock price has continued to decline, hitting its lowest point since the meme stock crash of 2024, with the market cap now at $8.6 billion. Although there was talk of a $20 billion loan from an investor, Cohen’s strategy for covering the rest of the eBay purchase seemed to rely on sheer stubbornness, as revealed in a disastrous interview. Now, insiders are indicating that Cohen is reconsidering his bid, which must be perplexing for eBay, especially since they firmly rejected his offer three months ago.
Cohen’s latest move involved acquiring 9.8 percent of eBay by mid-July. He stated, “I’m not going to call my shots, but we’re coming for eBay one way or another.” Fast forward three weeks, and this has morphed into a vague proposal for a “partnership or joint venture,” suggesting that eBay could somehow benefit from GameStop’s 1,600 physical stores. In exchange, Cohen is now seeking a seat on eBay’s board, according to insiders.
The idea that eBay would even entertain this absurd proposal is hard to fathom. The auction site’s success has largely stemmed from its online-only model, making it difficult to see why it would want to change that. A failed physical version of an eBay store was even a running joke in the 2005 film *The 40-Year-Old Virgin*.
Cohen has just enough wealth to feel part of the billionaire club, but not nearly enough to be taken seriously by those who truly belong. Unlike Elon Musk, who can pull off grand schemes due to his immense wealth, Cohen seems to think he can will his ambitions into reality, only to be met with indifference from the more seasoned players in the game.
The irony in this entire situation is that if Cohen had actually focused on achieving his $35 billion bonus, he might have had enough to buy eBay. However, that goal hinged on significantly boosting GameStop’s value, something he clearly lacks the skills or patience to accomplish. Instead, he claims to have abandoned that focus, citing it as a distraction from his eBay aspirations. It’s quite the spectacle.
