According to BlockBeats, on May 2nd, sources revealed that GameStop CEO Ryan Cohen is planning a takeover bid for eBay, an e-commerce platform with a market capitalization of approximately $45 billion, aiming to transform it into a retail giant with a market capitalization exceeding $100 billion. Currently, GameStop's market capitalization is only about $11 billion. According to Bitget data, eBay's stock price surged over 10% in after-hours trading following the news, while GameStop's rose by approximately 5%. Sources also revealed that GameStop has quietly increased its stake in eBay and may submit a takeover offer as early as later this month. If rejected by eBay's board, Cohen may launch a takeover bid directly against eBay shareholders. Earlier this year, Cohen clearly stated that he was seeking major acquisition targets in the consumer and retail sectors, attempting to expand the company's business beyond video games and collectibles. He recently adjusted his compensation package, and if the company's market capitalization reaches $100 billion, he could personally receive up to $35 billion in stock rewards.
As of the end of March, GameStop held approximately $9 billion in cash, a significant increase from $4.8 billion in the same period last year, providing the necessary resources for this "David and Goliath" acquisition. eBay's stock price has surged over 50% in the past 12 months, and in February of this year, it acquired the secondhand fashion platform Depop for $1.2 billion, demonstrating the initial success of its core strategy focused on collectibles and fashion. GameStop investor Michael Burry, the inspiration for the film "The Big Short," has also publicly called on the company to utilize its cash reserves for transformative acquisitions. Since joining the board and becoming chairman in 2021, Cohen has amassed a large following of ardent supporters with his promise to turn the company around, and he is expected to leverage his massive online fanbase to further promote the deal.
