Markets · Polymarket ·July 20, 2026 ·Edited by Samuel Jo Coverage disputes this

GameStop's Cohen bumps eBay stake to 10 percent after rejected takeover bid

GameStop CEO Ryan Cohen is pressing forward with a campaign to acquire eBay after the online marketplace rejected an initial takeover offer, according to a report from PYMNTS.com. Cohen has since raised GameStop's ownership stake in eBay to nearly 10 percent, an SEC filing confirmed, and told IGN in no uncertain terms that the retailer is "coming for eBay one way or another." The aggressive posture follows a mid-July shareholder vote in which GameStop investors approved an increase in the company's authorized share count — a move Yahoo Finance noted was framed as enabling the proposed eBay acquisition. Bloomberg separately aired Cohen discussing the eBay bid and broader video-game software strategy. Traders put the odds of a deal closing by year's end at 94% on the "No" side, even though Cohen's public campaign and growing stake suggest he has no intention of walking away. The proposition resolves December 30, 2026, requiring an official acquisition or merger announcement by that date.

Background

Cohen, the activist investor turned GameStop CEO, has spent months publicly courting eBay, framing the online auction giant as a natural complement to GameStop's brick-and-mortar and digital gaming business. An initial offer was rebuffed, prompting Cohen to escalate through a steadily building equity stake rather than a negotiated deal — a classic activist playbook of accumulating shares to apply pressure from within. The SEC filing disclosing a near-10 percent position makes GameStop one of eBay's largest single shareholders. The shareholder vote to expand GameStop's authorized share count signals the company is preparing the financial scaffolding for a stock-based acquisition offer, though eBay's board has shown no public willingness to engage. The central question is whether Cohen can force a sale through accumulated ownership and public pressure before the December 30 resolution deadline, or whether eBay's resistance holds.

The precedent

• Activist investors building significant minority stakes in target companies — the approach Cohen is taking with eBay — has repeatedly served as a precursor to either a negotiated acquisition or a proxy fight, though it does not guarantee a deal closes.
• GameStop's own 2021 short squeeze demonstrated that retail-driven momentum can sustain valuations far beyond traditional fundamentals, a dynamic that could support a stock-based acquisition offer.

Context compiled by Crowdtells from the public record — verify before relying on it.

What to watch

The next inflection point is whether Cohen continues to increase GameStop's stake above 10 percent, which could trigger additional regulatory disclosure requirements and further pressure eBay's board. Watch for any formal response from eBay's directors, a revised offer from GameStop, or a proxy-fight filing should Cohen seek board seats. The December 30 deadline means any announcement of a deal — or its absence — will settle the question by year's end.

AI-written briefing grounded in 5 sources and the live market, edited by Samuel Jo. Odds are crowd probabilities, not advice — how this works.