For eBay: GameStop CEO Ryan Cohen declined a $35 billion bonus
GameStop (NYSE: GME) CEO Ryan Cohen has made an unprecedented decision by withdrawing his potential bonus, which could have reached $35 billion if all KPIs were met. This move, he says, will allow the board of directors and management to fully focus on a key strategic task — the acquisition deal for eBay.
The board of directors approved this incentive program back in January 2026, long before GameStop announced plans to buy eBay. Cohen requested that the bonus issue be removed from the vote, and the board granted the request. The company has already filed a corresponding additional notice with the U.S. Securities and Exchange Commission (SEC). The waiver of the payout is a powerful signal to the market: GameStop's future is now directly tied to the potential acquisition of eBay.
Ambitious Goals and Strategic Focus
Initially, the key conditions for receiving the bonus were GameStop's market capitalization reaching $100 billion and achieving total EBITDA of $10 billion. By waiving these payouts in advance, Cohen removes any potential questions about corporate governance ahead of the annual shareholder meeting, which will take place on July 7.
In an official press release, GameStop emphasized: "He wants the team to be fully focused on GameStop's performance and the proposal to buy eBay." Cohen publicly stated that the company must be "fully focused" on performance and the deal. New details, including strategic justifications, financing terms, and a management plan for the combined company, will be disclosed this week.
The Battle for eBay: From Memes to Corporate Warfare
As a reminder, GameStop offered to buy eBay at $125 per share, payable in cash and its own stock. This offer instantly attracted the attention of the meme coin community, sparking a short-term surge of interest in the company's shares. However, eBay's board of directors called the offer "unconvincing and unattractive" and rejected it.
Cohen is not backing down. He actively criticizes eBay's $2.4 billion marketing expenses and points out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, turning the corporate dispute into a public matter.
Vision of the Future: A Gaming Economy on eBay
Cohen envisions the future of the combined company as a digital marketplace for trading gaming items, where in-game assets like skins become full-fledged goods with real value. Realizing this idea requires eBay's scale, its network of sellers, and its payment infrastructure.
On Polymarket, the probability of the deal closing is estimated at just 14% — market participants largely do not believe that eBay's board of directors will sit down at the negotiating table. Meanwhile, GameStop (GMEX) shares are trading at $21.16, up 0.64% over the day.
GameStop's presentation this week will be the clearest signal of whether the bid to buy eBay will lead to a deal agreement.
Expert Opinion: Cohen's waiver of $35 billion is not altruism but a brilliant tactical move. It removes the threat of a conflict of interest and demonstrates absolute confidence in the deal's success to shareholders. However, with the current market assessment at 14% and clear resistance from eBay's board, the stakes are incredibly high. It's an all-or-nothing game.