GameStop stock has declined today after Chief Executive Ryan Cohen said eBay suspended his personal seller account two days after GameStop launched an unsolicited $56 billion takeover bid for the online marketplace. GME shares were trading near $24.43 , down about 2.98% during the session, according to market data cited in reports. The decline came as investors reviewed the proposed eBay transaction, questions over financing, and the public dispute involving Cohen’s personal eBay listings. Cohen said his eBay seller account was suspended after he began auctioning personal items on the platform. The listings included used items such as socks and what he described as carpet from a GameStop store. He linked the auctions through posts on X and framed the activity as part of a public campaign linked to GameStop’s pursuit of eBay. According to a screenshot shared by Cohen, eBay said the account was suspended because activity on the account was believed to be putting the eBay community at risk. The account was later restored, and Cohen’s profile showed a 100% positive feedback rating. GameStop Bid Raises Financing Questions GameStop has proposed to acquire eBay for $125 per share in a deal structured as half cash and half GameStop stock. The offer values eBay at about $56 billion and represents a premium to recent trading levels cited in reports. The size of the offer has placed focus on GameStop’s ability to finance the transaction. GameStop’s market value was around $11 billion during the trading session, far below the proposed acquisition value. The company has reportedly received a $20 billion financing letter from TD Securities, but analysts have questioned whether the plan is realistic without heavy debt, share issuance, or both. GameStop already holds a 5% economic stake in eBay through derivatives and shares, giving Cohen a position from which to push the proposal. The offer is nonbinding, and eBay’s board has not accepted the proposal. Reports indicate that Cohen may take the matter directly to shareholders if the board does not engage. The transaction would move GameStop further away from its core business in video game retail. It would combine the company’s store network with eBay’s online marketplace, creating a business focused on gaming, collectibles, resale, and broader e-commerce activity. Cohen Uses eBay Listings in Public Campaign Cohen’s decision to list personal items on eBay added a public element to the takeover attempt. The auctions appeared to be designed to draw attention to the bid and to the relationship between GameStop and eBay as potential merger partners. The seller account suspension became another point in the dispute. Cohen posted the suspension notice on X, saying the action occurred two days after the bid was announced. eBay later reversed the suspension, though the company has not publicly tied the account action to GameStop’s takeover offer. The public campaign has created additional attention around both companies. For GameStop, the episode comes at a time when investors are weighing whether Cohen’s broader strategy can create a durable business model beyond cost cuts and retail restructuring. Cohen has argued that GameStop’s roughly 1,600 stores could support eBay through drop-off locations, authentication points, and services tied to collectibles and secondhand goods. That plan would require integration between physical retail operations and eBay’s marketplace systems. Investors React to Debt and Dilution Risk Market reaction to the eBay proposal has been cautious. GameStop shares fell after the bid was disclosed, and the stock remained under pressure as financing concerns grew. Michael Burry, known for his role in “The Big Short,” reportedly sold his entire GameStop position after the eBay offer was announced. He cited concerns about debt and financial risk tied to the proposed acquisition. Analysts have also focused on the scale of the transaction. A 50/50 cash-and-stock offer could require GameStop to raise a large amount of capital and issue new shares, which may reduce existing shareholder ownership. Debt financing could also increase interest costs and balance sheet risk. GameStop’s most recent financial results showed improved profitability but lower sales. The company reported net income of $127.9 million for the fourth quarter of 2025, while net sales fell about 14% year over year to $1.104 billion. Its next earnings report is expected in June. The proposed eBay transaction would be a major change in GameStop’s direction. Investors are watching whether eBay’s board responds, whether Cohen increases pressure through shareholders, and whether GameStop provides more detail on financing.
