eBay Briefly Suspends Ryan Cohen’s Seller Account After $56B Bid

Two days after GameStop launched a $56 billion takeover offer for eBay, the online marketplace briefly suspended and then reinstated GameStop CEO Ryan Cohen’s personal seller account.

Cohen had been using his eBay seller page to auction personal items and linked the listings on X. The items included a pair of used socks and what he described as carpet from a GameStop store; he framed the listings as part of a public campaign tied to the takeover pursuit.

A screenshot Cohen posted on X showed an eBay notice stating that the account was “permanently suspended because of activity that we believe was putting the eBay community at risk.” eBay later reinstated the profile, which currently displays a 100% positive feedback rating.

GameStop submitted a $125-per-share proposal for eBay, structured as half cash and half GameStop stock. The offer represented roughly a 20% premium to eBay’s prior close and a 46% premium to its Feb. 4 close.

Cohen has argued the two companies could combine to compete more directly with Amazon by using GameStop’s roughly 1,600 physical stores as local drop-off and authentication points for eBay transactions.

eBay’s board has declined to engage with the offer. Cohen has indicated he is prepared to take the proposal directly to eBay shareholders if the board does not respond.

Financial questions surfaced after the bid became public. GameStop shares fell about 10% following the announcement. The company has obtained a $20 billion financing commitment letter from TD Bank, while its market value sits near $11 billion, well below the $56 billion valuation implied by the offer.

GameStop holds an approximately 5% economic stake in eBay through derivatives and shares. Investor Michael Burry sold his entire stake the day after the offer was disclosed.

The next developments depend on whether eBay’s board will engage with Cohen’s proposal or whether he proceeds to seek shareholder support.