Ryan Cohen drops $35B GameStop pay to bid $55B for eBay, facing skepticism over deal feasibility.

Ryan Cohen is foregoing a $35 billion CEO performance award tied to GameStop stock to pursue a $55.5 billion bid for eBay, offering half cash and half stock. Despite Cohen’s confidence, eBay’s board rejected the offer as not credible or attractive, highlighting the large valuation gap—eBay’s market cap is about five times GameStop’s. GameStop’s improving financials and cash reserves support Cohen’s bid, but critics like Michael Burry and Steve Eisman warn the deal’s structure and debt risk make it unlikely. Cohen has increased his eBay stake to 7.8% and may push for a proxy fight if the board resists, while the market prices in dilution risk and doubts about the acquisition.