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Direct Investment  + M&As  |  May 4, 2026
GameStop Lobs $55.5B Cash, Stock Bid for eBay
Joe Palmisano
By: Joe Palmisano

GameStop Lobs $55.5B Cash, Stock Bid for eBay

GameStop Corp. has submitted a non-binding proposal to acquire eBay Inc. in a transaction valued at approximately $55.5 billion, according to a Schedule 13D filing, marking one of the most ambitious strategic moves in the e-commerce sector in recent years.

The offer values eBay at $125 per share in a combination of cash and stock, representing a 46% premium to its unaffected closing price on February 4, 2026, when GameStop began accumulating its position. The company has since built a roughly 5% stake through derivatives and direct ownership.

GameStop indicated the cash component would be funded through existing liquidity and up to $20 billion in financing from TD Securities. The company also signaled that it views eBay as undervalued and may pursue further discussions with eBay’s board, management and shareholders, while retaining flexibility to increase or adjust its position.

Following a potential transaction, Ryan Cohen would lead the combined entity.

The bid comes as eBay navigates a strategic reset amid intensifying competition from Amazon, Walmart, Shein and Facebook Marketplace, highlighting growing pressure on legacy platforms to scale and adapt.

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13D filing

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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