Ryan Cohen says GameStop is positioning to buy eBay and explains his financing logic after a viral CNBC interview drew skepticism.
A bid for eBay is no longer just an idea floating around Wall Street: Ryan Cohen says he is prepared to keep pushing until he can buy the business, even as questions about affordability continue to swirl.
Cohen. the CEO of GameStop. told Business Insider in a phone interview that he never intended to become GameStop’s chief executive.. Instead, he said his goal has long been to lead eBay.. He also insisted that critics who doubt his ability to pull it off are overlooking a straightforward financing path.. “I’m going to make myself CEO of both. ” he said. while describing a willingness to do “whatever I need to do” to move the acquisition forward.
The push became headline material earlier this week when Cohen disclosed that GameStop had made an unsolicited bid of about $56 billion for eBay. a company whose market value is more than three times GameStop’s.. The offer then faced renewed scrutiny after Cohen appeared on CNBC’s “Squawk Box” on Monday. where the hosts openly questioned whether the company could afford such a deal.
Cohen responded by challenging the tone of the exchange.. He said he was not sure whether the questions were sincere. adding that he had already provided what he viewed as a clear explanation of how the transaction would be financed.. He argued there should not be confusion about the mechanics of the deal, given the figures he laid out.
A CNBC spokesperson said the “Squawk Box” interview “speaks for itself,” indicating the network stood by the way the discussion was presented. Cohen, meanwhile, continued to refine the narrative after the interview went viral, expanding on his “half cash, half stock” approach.
In Cohen’s account. GameStop has about $9 billion in cash. and TD Bank had reportedly expressed confidence in arranging roughly $20 billion in debt.. Together, Cohen said, those amounts would cover the cash portion of the bid.. He later described the structure more fully in follow-up remarks. including how he says existing shareholders would be handled if the offer proceeds.
He told TBPN that the proposal would require existing shareholders to take half their investment “off the table. ” with GameStop providing $28 billion in cash.. Cohen said shareholders would then roll the remainder into the combined GameStop-eBay entity. with the exact outcome depending on timing when the deal ultimately closes.
Meanwhile. Cohen argued that the stock portion could benefit GameStop shareholders rather than dilute them. describing the consideration as “earnings per share accretive.” His reasoning was tied to what he believes would happen after bringing eBay under his operational approach. specifically cost-cutting aimed at improving eBay’s profitability and. by extension. the value of the combined companies.
Cohen’s strategy draws from a similar playbook used when he took over GameStop in 2021, but with an important difference: he says eBay is already in far stronger condition than GameStop was at the time. He told Business Insider that eBay could be even better if it were managed more efficiently.
He pointed to what he described as excessive operating expenses at a company that, he said, carries no inventory. Cohen also contrasted long-term operating performance, noting that eBay’s operating income has remained roughly flat for a decade despite broader e-commerce growth.
Cohen cited specific figures about eBay’s performance. stating that eBay’s operating income was $2.28 billion for 2025 compared with $2.2 billion for 2015. and that eBay’s EBITDA margin was 24% for 2025.. He also referenced corporate changes over the years. including PayPal being spun off in 2015 and other asset sales during the decade. such as the sale of StubHub.
Beyond operations, Cohen escalated his criticism toward leadership and governance at eBay.. He alleged executives and directors had sold “hundreds of millions of dollars of stock” without buying shares themselves. describing them as “not owners” who simply take compensation.. The reporting also noted that. as with many publicly traded companies. eBay’s leadership compensation can include stock awards and options.. A source familiar with the matter indicated insiders currently own over $150 million in shares.
Cohen also criticized eBay’s corporate culture, alleging the company had become “too comfortable and undisciplined” under current leadership. In response to the bid, eBay has publicly said it is reviewing Cohen’s offer.
The narrative around the deal has also included Cohen’s personal approach to compensation and publicity.. He said he would not take a salary if he became CEO of eBay.. While he does not earn a salary at GameStop. he noted he has a $35 billion compensation package tied to hitting market cap and profit milestones. which he said an eBay transaction could help unlock.. He also said he pays his personal assistant out of his own pocket. and that a recently posted private project manager role at GameStop would be compensated the same way.
Cohen added that he has “not pulled a penny out of GameStop. ” and leaned into a frugality message that has helped cement his “meme king” reputation.. Since unveiling the eBay bid. he has listed personal items for sale on the platform. including a listing for a used pair of socks that drew bids of over $14. 000.. He said these listings are meant as a sincere part of the broader push to help finance the acquisition.
In a brief follow-up call on Friday, Cohen reiterated his motivation and clarified his leadership ambition.. He said he did not want to be CEO of GameStop and wants instead to be CEO of eBay. adding that he is passionate about eBay’s business while he says he was not equally passionate about GameStop.
For investors watching the deal debate. the most important takeaway may be that Cohen is framing the transaction less as a speculative takeover and more as a repeatable execution plan: financing details on one side. and an operational turnaround thesis on the other.. His comments suggest he wants the market to judge the proposal on implementation rather than on the surprise value of the initial announcement.
As the process continues. eBay’s review of the bid keeps the outcome uncertain. but Cohen’s insistence on the deal’s internal logic ensures the discussion is unlikely to fade.. If nothing else. his viral CNBC appearance and the subsequent explanations have shifted the question from whether the offer can be made. to how convincingly it can be financed and integrated.
Correction, May 9, 2026: An earlier version of this article misstated the year Cohen took over GameStop. This story has also been updated with information about eBay leadership stock holdings and the company’s financials.
Ultimately. the dispute highlights a broader tension in corporate dealmaking: big moves can be met with skepticism even when executives believe the numbers are already mapped out.. Cohen’s comments show he sees that skepticism as a misunderstanding—and he is responding by pushing for transparency in how shareholders. debt. and future profitability would fit together in the combined company.
Ryan Cohen eBay bid GameStop acquisition plan eBay financing CNBC Squawk Box TD Bank debt cost-cutting strategy market cap deal