$GME: GameStop Wants To Spend $46 Billion On eBay — Here's Why

GameStop wants to buy eBay. Yes, really. The Wall Street Journal reported Friday that CEO Ryan Cohen is preparing a formal offer to acquire eBay — a company worth roughly four times GameStop's own market value. Here's everything we know.

GameStop currently has a market cap of around $11–12 billion, while eBay sits at approximately $46 billion. That's a significant gap — but GameStop is sitting on $9 billion in cash as of the end of March, up from $4.8 billion just a year earlier. According to the Journal, GameStop has been quietly building a stake in eBay shares ahead of a potential offer, which could come as early as later this month.

Ryan Cohen has been vocal about shifting GameStop from survival mode into an aggressive expansion phase. Earlier this year he told the Journal he was actively scouting deal targets in consumer and retail. His stated ambition: grow GameStop's market value to at least $100 billion. His compensation package is tied to hitting that target — he could receive up to $35 billion in stock if it's reached. If eBay declines the offer, Cohen may take the bid directly to eBay's shareholders.

Not everyone is convinced this makes sense. Bernstein analyst Nikhil Devnani acknowledged some overlap — games, collectibles, resale — but questioned what GameStop could strategically offer eBay. eBay is a larger, more diversified company. Its revenue grew 19% last quarter while GameStop's fell 14%. eBay has also invested in AI, acquired fashion resale platform Depop, and has a growing collectibles business of its own.

This is still a developing story. No offer has been formally submitted and the terms aren't yet known. What is clear is that Ryan Cohen is swinging for something far bigger than a video game retailer.

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