Ryan Cohen Deletes $35B Checkbox to Swipe Right on eBay 💼

GameStop (NYSE: GME) chairman and CEO Ryan Cohen asked the board to remove his proposed performance award, valued at up to $35 billion if all targets were met, from the company's proxy statement, redirecting leadership's full attention toward the proposed eBay acquisition. The board approved the CEO Performance Award in January 2026, before GameStop committed to pursuing eBay, and later granted Cohen's request. GameStop filed a supplemental proxy amendment with the Securities and Exchange Commission reflecting the change. The award required GameStop to reach a $100 billion market cap and $10 billion in cumulative EBITDA before any shares would vest, and by forfeiting it now, Cohen eliminates a governance distraction ahead of the July 7 annual shareholder meeting.

Cohen stated that leadership should remain "fully focused" on GameStop's operating performance and the acquisition bid, according to a GameStop press release. GameStop plans to release additional materials this week, including a strategic rationale, financing details, and an operational plan for the combined entity. Cohen's eBay bid offered $125 per share in cash and GameStop stock, briefly reviving meme stock momentum. eBay's board rejected the proposal as "neither credible nor attractive." Cohen has continued to pressure the company, publicly questioning its $2.4 billion marketing spend and arguing the platform still fails basic usability tests. eBay retaliated in May by suspending Cohen's seller account, turning the corporate standoff into a public dispute.

Cohen's stated vision is a digital marketplace for in-game items, converting virtual assets like skins into tradable goods with real-world value, a goal that would require eBay's scale, established seller network, and existing payment infrastructure. Polymarket currently prices a completed deal at 14%, reflecting broad market skepticism about whether eBay's board will engage. GameStop xStock (GMEX) traded at $21.16, up 0.64% over the prior 24 hours. GameStop's strategic presentation this week is expected to be the clearest signal yet of whether the eBay pursuit advances toward a negotiated transaction.