Can GameStop Really Buy eBay?

In a bold move that has stunned the business world, GameStop CEO Ryan Cohen has proposed a $56 billion acquisition of eBay, a company four times larger than GameStop’s current market cap. Cohen, known for his role in the 2021 GameStop meme stock rally and his activist investor roots, argues that eBay is underperforming and ripe for a turnaround using the same cost-cutting, operational efficiency playbook that revitalized GameStop. He envisions transforming eBay into a high-growth digital commerce giant and ultimately building a $100 billion conglomerate—what he’s dubbed 'GameStop Hathaway'—modeled after Warren Buffett’s Berkshire Hathaway. While Cohen’s vision is ambitious, the financing remains a major question mark: GameStop has only $9 billion in cash and plans to secure $20 billion in debt, far short of the required amount. Cohen has offered vague answers on how the deal would be funded, sparking skepticism. eBay has not rejected the offer outright but appears uninterested, citing strong performance and ongoing internal reforms under CEO Jamie Iannone. Tensions escalated when eBay suspended Cohen’s account after he posted about selling collectibles on the platform to buy eBay, a move seen as symbolic of his defiant ambition. The episode explores whether Cohen’s cult-like following and unorthodox style can overcome the odds in this high-stakes corporate gamble.