Ryan Cohen is still trying to buy eBay

New deal, same chaos

Ryan Cohen is back on the eBay soapbox. In a podcast interview published on May 13th, the GameStop CEO said he wants to acquire eBay and is willing to do “whatever” it takes to get the deal in front of shareholders.

That’s not exactly subtle. Cohen pitched eBay as an under-earning e-commerce giant, argued he could wring out billions in costs, and said the platform could be transformed under his owner-operator playbook. He also reiterated the broad outline of the proposed deal: $125 per share, structured as half cash and half stock, with GameStop’s cash pile and bank financing helping fund the thing.

eBay says no thanks

Of course, eBay already swatted the idea away, calling the offer “not credible or attractive.” Which is corporate for: please stop calling.

But Cohen’s message to investors is basically that the board doesn’t get the final word if he can sell shareholders on the upside. That’s where this gets interesting for GME holders — because even if this never turns into a real transaction, the campaign itself can keep GameStop in the headlines and tied to a giant, headline-grabbing strategic bet.

Why investors should care

This is less about a clean merger path and more about whether Cohen can turn an unsolicited bid into a pressure campaign.

• If shareholder support builds, eBay could face real nuisance-value pressure.
• If it fizzles, this becomes another reminder that activism by podcast is still activism.
• And for GME, any whiff of dealmaking keeps the stock tethered to optionality, not just retail nostalgia.

Big picture: Cohen wants eBay to be his next trophy asset. Whether that becomes a real transaction or just a very expensive calling card is the part the market is now pricing in.