GameStop's $56B eBay Gambit
May 4, 2026
BID PRICE
$56B
GameStop's offer for eBay, ~2× eBay's Jan 2025 market cap
GME CASH ON HAND
~$4.6B
accumulated during meme-stock capital raises, 2021–2024
EBAY GMV (2024)
$73.2B
gross merchandise volume processed annually
GME REVENUE DROP
−62%
GameStop revenue peak ($9.5B, 2011) to 2024 (~$3.6B)
RYAN COHEN NET WORTH
~$2.3B
majority of wealth tied to GME shares
GameStop Annual Revenue, 2008–2024
USD millions · fiscal year ending Jan/Feb · Source: GameStop 10-K filings
2011Peak Revenue
GameStop hits all-time revenue high of $9.55B; digital downloads still nascent.
2013PS4 / Xbox One Launch
New consoles enable full digital game libraries; decline accelerates.
2020Cohen Buys In
Ryan Cohen acquires ~13% stake in GameStop, pushes for e-commerce pivot.
2021Meme-Stock Squeeze
GME shares surge from ~$20 to $483; company raises ~$1.67B in new equity.
2023Cohen Becomes CEO then Chairman
Cohen steps into operational leadership; further equity raises build $4.6B war chest.
2025$56B eBay Bid
GameStop offers to acquire eBay, framing it as a direct challenge to Amazon.
ANALYST Q&A
Sources: GameStop SEC Filings (10-K) · eBay Inc. Annual Reports · Macrotrends · Bloomberg