GameStop CEO Ryan Cohen has turned one of the strangest business stories of 2026 into a full blown internet spectacle — auctioning off personal items on eBay while simultaneously attempting a $55.5 billion takeover of the platform itself.
On May 3rd, GameStop formally submitted a non-binding proposal to acquire 100% of eBay at $125 per share in a cash and stock deal. The offer represents a 46% premium to eBay’s closing price on February 4th, the day GameStop quietly began building its position in the company. GameStop has since accumulated a 5% stake in eBay through derivatives and direct stock ownership.
The deal would be structured as 50% cash and 50% GameStop stock. Financing includes roughly $9.4 billion from GameStop’s own balance sheet plus up to $20 billion from a financing letter provided by TD Securities — though analysts have been quick to point out that GameStop’s market cap sits at just $11.8 billion, a fraction of the $55.5 billion deal size.
Moody’s has already called the proposed acquisition “credit negative,” estimating combined company debt could approach nine times earnings before any cost savings kick in.
Then things got genuinely unhinged.
On May 6th, Cohen posted on X: “I’m selling stuff on eBay to pay for eBay,” and linked to his personal storefront.
What followed was one of the most chaotic eBay listings in the history of the internet. The 25-item storefront included a Halo 2 Master Chief statue that surpassed $5,000 in bids, GameStop store signs with starting prices of $11,399, a PSA-graded Donald Trump trading card, sealed retro Nintendo games including the original Metroid and Yoshi’s Cookie, a Mario NASCAR hood, a large Vault Boy statue, a generic GameStop hat and mug, a square of used GameStop store carpet ripped from an unknown location, a pair of Adidas socks that drew bids of $7,500, and perhaps most unbelievably — a completely ordinary iPhone with nothing special about it whatsoever.
Every single listing came with a hand-signed copy of Cohen’s official takeover proposal letter to eBay’s board, essentially meaning buyers were paying thousands of dollars for a CEO’s autograph stapled to some office junk.
About ten hours after the listings went live, Cohen posted again: “I have been suspended from eBay.” eBay cited activity it believed was “putting the eBay community at risk.” The man trying to buy eBay for $55.5 billion had been banned from eBay.
eBay confirmed it received the acquisition offer and said its board would carefully review it. Cohen appeared on CNBC’s Squawk Box shortly after, acknowledging he had not spoken to eBay’s management before making the proposal — a sign this could turn hostile. When repeatedly pressed on financing details, he simply directed viewers to GameStop’s website. “We will see what happens,” he said.
Not everyone found the chaos charming. Michael Burry — the investor famous for predicting the 2008 financial crisis — sold his entire GameStop position after the bid was announced. His response was blunt: “Never confuse debt for creativity.”
Prediction markets have not been kind either. Traders on Kalshi give GameStop just a 26% chance of completing the acquisition in 2026, while Polymarket traders are even more skeptical at 15%. GameStop’s own stock fell nearly 10% on the announcement.
Cohen’s stated vision is to combine GameStop and eBay into a major Amazon competitor, using GameStop’s retail locations as fulfillment and authentication hubs while cutting $2 billion in annual costs. He also told one interviewer he believes he could run eBay out of his house, and that the site’s design hasn’t been updated in decades.
Whether any of this is a serious business strategy or the most elaborate meme in corporate history is a question nobody seems able to answer — including, possibly, Ryan Cohen himself.
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