Michael Burry Sells Entire GameStop Stake After Cohen Bid

Michael Burry sold his entire GameStop stake, he wrote on Substack, after the company disclosed a nonbinding $55.5 billion proposal to acquire eBay at $125 a share led by Ryan Cohen. The offer would split payment evenly between cash and stock and would make Cohen chief executive of the combined company.

Burry first disclosed his GameStop position in January 2026, saying he had bought shares at about one times tangible book value and laying out a Berkshire Hathaway-style plan for the retailer’s operations and capital allocation. He wrote the acquisition plan and the likely leverage needed to complete it conflicted with that blueprint and prompted the sale.

On Substack he wrote: “I may not last the week with my GameStop position fully intact. I will certainly sell to an extent, perhaps all or some, but alas, no, not none.” He ultimately sold his entire holding, the first divestment since he launched the blog.

GameStop shares closed Monday at $23.84, down 10.14% from the prior close, and traded lower in after-hours trading to about $23.55, a further 1.22% decline.

Ryan Cohen is a major GameStop backer and former CEO of Chewy. He proposed the eBay acquisition to expand GameStop’s e-commerce capabilities. The proposal is nonbinding and would require approval from eBay’s board, along with due diligence and negotiation before any transaction could be completed.

Burry’s exit removes one visible investor from GameStop’s shareholder mix as the company pursues the proposed acquisition. His initial purchases earlier this year had drawn attention to GameStop’s valuation relative to tangible book value.