GameStop’s Ryan Cohen Walks Away From a $35 Billion Payday for the eBay Fight

GameStop (NYSE: GME) CEO Ryan Cohen asked the board to remove his proposed performance award, worth 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. The board then granted Cohen’s request, and GameStop filed a supplemental proxy amendment with the Securities and Exchange Commission. The withdrawal signals that the proposed takeover now defines the company’s strategic direction.

The award required GameStop to reach a $100 billion market cap and $10 billion in cumulative EBITDA before any shares would vest. By forfeiting it now, Cohen eliminates a governance distraction ahead of the July 7 annual shareholder meeting.

Cohen Withdraws Award to Focus on eBay Acquisition

Cohen stated that leadership should remain “fully focused” on GameStop’s operating performance and the acquisition bid. GameStop plans to release additional materials this week. These will include a strategic rationale, financing details, and an operational plan for the combined entity.

“[He] wants leadership fully focused on GameStop’s operating performance and its proposed eBay acquisition,.” GameStop press release mentioned.

Cohen’s eBay bid announcement 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 maintained pressure throughout the campaign. He openly questioned eBay’s marketing spend of $2.4 billion, arguing the platform still fails basic usability tests. eBay then retaliated by suspending Cohen’s seller account in May, turning the corporate standoff into a public dispute.

14% chance GameStop acquires eBay. https://t.co/5FEcRvzQUD

— Polymarket (@Polymarket) June 23, 2026

What a Combined Platform Could Mean

Cohen’s stated vision is a digital marketplace for in-game items, converting virtual assets like skins into tradable goods with real-world value. Such a platform would tap a fast-growing secondary market that gaming companies have largely kept closed to outside buyers. Achieving that goal requires 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. Meanwhile, GameStop xStock price (GMEX) trades at $21.16, up 0.64% in the past 24 hours.

GameStop’s strategic presentation this week will be the clearest signal yet of whether the eBay acquisition moves toward a negotiated deal.