GameStop CEO Ditches $35 Billion Bonus to Focus on Acquiring eBay

When Ryan Cohen, the self-proclaimed dudebro-in-chief, stepped into the CEO role at GameStop, he opted to forgo a salary. However, in January 2026, he was presented with a staggering performance award of $35 billion, contingent on boosting the company’s value tenfold. Since then, Cohen seems to have veered off course, distracted by his outlandish scheme to acquire eBay through a mix of wishful thinking and questionable calculations. eBay swiftly dismissed this proposal as “neither credible nor attractive.” Now, reports indicate that Cohen is completely abandoning that massive bonus to focus on… you guessed it… buying eBay?

To be fair, Cohen has managed to improve GameStop’s situation, at least temporarily. Following the meme stock frenzy of 2021, which saw investors trying to squeeze billions from short sellers (a good move) only to spiral into a cult-like conspiracy that required more cash than exists on the planet (not so good), the first quarter results for 2026 showed a significant turnaround, with the company finally turning a profit. This, however, came at the cost of numerous store closures and a wave of job losses, leaving the remaining staff in a state of heightened frustration. Despite these results, share prices barely budged, rising just a dollar before plummeting again shortly after. The prospect of the company’s value increasing tenfold seems increasingly unlikely.

Cohen appears to share this sentiment, as he has reportedly asked GameStop’s board to remove the performance incentive. The board’s statement bluntly notes, “When the Board approved the CEO Performance Award in January 2026, the Company had not yet decided to pursue the acquisition of eBay, Inc.” Cohen’s reasoning for this shift lacks clarity, which seems to be a recurring theme: the press release states, “Mr. Cohen stated that he wants leadership fully focused on GameStop’s operating performance and its proposed eBay acquisition.” It’s puzzling how this focus would conflict with efforts to enhance GameStop’s performance, or how acquiring eBay wouldn’t significantly boost the company’s value.

We’re set to learn more about this latest eBay acquisition attempt—a company valued at least four times more than GameStop and one that has no intention of being acquired—later this week. This will include “a detailed presentation of the strategic rationale and operational plan for the combined company.” Will it also clarify how this acquisition could be financed, or will it simply repeat “half stock, half cash” 300 times, followed by a gif of someone staring out a window?

Our thoughts are with the remaining GameStop employees, who have to endure this absurd spectacle unfolding above them.