GameStop Pulls Off "Big whale swallows small fish" Move, Plans to Make Takeover Bid for eBay

**May 2 – Breaking News** GameStop CEO Ryan Cohen is planning a takeover bid for e-commerce giant eBay, aiming to transform the $450 billion market cap company into a $1 trillion+ retail powerhouse, multiple sources familiar with the matter confirmed. GameStop—currently valued at ~$11 billion—has quietly increased its eBay stake and could submit a formal offer as soon as later this month, insiders added. If eBay’s board rejects the bid, Cohen may launch a direct tender offer to eBay shareholders. Following the news, eBay’s stock surged over 10% in after-hours trading, while GameStop rose ~5%, per Bitget market data. GameStop holds ~$9 billion in cash as of March end—up from $4.8 billion a year prior—providing firepower for the “David vs. Goliath” deal. Cohen signaled earlier this year he was hunting for major consumer/retail acquisition targets to expand beyond video games and collectibles. He recently revised his compensation plan, with up to $35 billion in stock rewards tied to hitting a $1 trillion GameStop market cap. eBay has rallied over 50% in the past 12 months, including its $1.2 billion February purchase of secondhand fashion platform Depop (a move aligned with its collectibles/fashion focus). GameStop investor Michael Burry—whose story inspired *The Big Short*—has publicly pushed the company to use its cash for transformative deals. Cohen, who joined the board in 2021 and became chairman, has built a large online following for his turnaround efforts and is expected to rally that fanbase to support the eBay bid.