GameStop Proposes $55.5 Billion Unsolicited Bid to Acquire eBay

May 5, 2026

GameStop proposed a $55.5 billion unsolicited bid to acquire eBay on May 4, 2026, offering $125 per share—a 46% premium over eBay's February 4, 2026 closing price—in equal parts cash and stock. The non-binding proposal would install Ryan Cohen as CEO of the combined retailer. GameStop is worth less than $12 billion, raising questions about financing the deal, and its shares fell as traders reacted unfavorably.

GameStop acquisition proposal

▪GameStop's acquisition offer for eBay combines cash and stock in equal amounts.
▪GameStop proposed a $55.5 billion unsolicited bid to acquire eBay on May 4, 2026.
▪GameStop's proposal to acquire eBay is non-binding.
▪GameStop's offer to acquire eBay is $125 per share.
▪GameStop has accumulated a 5% economic stake in eBay.
▪GameStop's $125 per share offer represents a 46% premium over eBay's February 4, 2026 closing price.
▪GameStop's acquisition proposal would install Ryan Cohen as Chief Executive Officer of the combined retailer.

Bitcoin payment integration potential

▪GameStop's acquisition of eBay could provide a potential opening to test whether Bitcoin can move beyond corporate treasuries into consumer payments.
▪eBay has 135 million buyers on its marketplace.

Michael Burry stake exit

▪Michael Burry announced his GameStop stake sale on his Substack post.
▪Michael Burry's GameStop sale is his first divestment since launching his Substack blog.

Financing challenges

▪GameStop is worth less than $12 billion.
▪GameStop's proposed $56 billion acquisition of eBay is not easy to finance given GameStop is worth less than $12 billion.

Stock market reaction

▪GameStop stock is falling because traders are not treating the eBay acquisition proposal favorably.
▪GameStop shares dropped after Michael Burry sold his entire stake.