GameStop CEO Ryan Cohen said eBay suspended his personal seller account two days after his company launched a $56 billion takeover bid for the online marketplace. The ban was later reversed.
The move came after Cohen began auctioning personal items on his eBay page to dramatize the pursuit. He framed the stunt as a public message about the hostile nature of the takeover attempt.
Cohen Auctions Personal Items to Fund Hostile Bid
He listed used personal goods on his seller page. This included a pair of socks and what he described as carpet from a GameStop store. He linked followers to the auction in a post on X.
The display followed GameStop’s surprise offer of $125 per share for eBay, structured half in cash and half in GameStop stock. The price represented a roughly 20% premium to eBay’s prior closing level and a 46% premium to its February 4 close.
Cohen has argued the combined company could rival Amazon by leveraging GameStop’s roughly 1,600 stores as drop-off and authentication points.
eBay Cites Community Risk in Suspension
eBay’s suspension notice said Cohen’s account was “permanently suspended because of activity that we believe was putting the eBay community at risk,” according to a screenshot Cohen shared on X. The platform later reinstated his profile, which now displays a 100% positive feedback rating.
The dispute marks the most public flashpoint yet in GameStop’s campaign to force a deal. eBay’s board has so far declined to engage with the offer. Cohen has signaled his willingness to take the proposal directly to shareholders.
Financing Questions Mount as Stock Slides
GameStop shares dropped about 10% after the bid was disclosed, raising questions about Cohen’s financing strategy. The company has secured a $20 billion financing letter from TD Bank. But its market value sits near $11 billion against a $56 billion target price. GameStop already holds a 5% economic stake in eBay through derivatives and shares. This gives Cohen a foothold to press the case.
Investor Michael Burry, who took a long position in GameStop in January, sold his entire stake the day after the offer surfaced. The next test is whether eBay’s board responds before Cohen escalates the campaign further.
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Source: https://beincrypto.com/ebay-suspends-ryan-cohen-gamestop-bid/
