GameStop preparing takeover bid for eBay in unprecedented reverse acquisition attempt

GameStop is preparing an offer for eBay as CEO Ryan Cohen pursues plans to boost the video game retailer's market value more than tenfold to $100 billion, according to a Wall Street Journal report. GameStop has been quietly building a stake in eBay shares ahead of a potential offer that could be submitted later in May. The deal would be one of the most unusual in recent tech/retail history: eBay has a ~$46 billion market cap versus GameStop's ~$12 billion. eBay stock surged ~14% in after-hours trading on the news; GameStop rose ~4%. GameStop ended Q1 2026 with approximately $9 billion in cash and investments, up from $4.8 billion a year earlier. If eBay's board is unreceptive, Cohen is prepared to take the bid directly to shareholders. Neither company has publicly commented.