Ryan Cohen Calls eBay Leaders ‘Losers’ After $55B Bid Rebuff

GameStop CEO Ryan Cohen on Thursday called eBay’s leadership ‘a bunch of losers’ after the online marketplace rejected his $55 billion cash-and-stock takeover proposal. eBay’s chairman, Paul Pressler, wrote that the offer was ‘neither credible nor attractive,’ citing financing risks and the level of leverage the deal would require.

The proposal paired half cash and half stock. GameStop planned to use its $9.4 billion balance sheet and sought up to $20 billion in debt financing from TD Securities to support the transaction. eBay’s board rejected the plan, pointing to concerns about arranging that financing and the resulting leverage.

Cohen framed the bid as an effort to modernize what he described as a fundamentally strong asset and criticized eBay’s management for failing to update the platform. He said the offer included a 46% premium for shareholders and asserted that directors who received roughly $4 million in fees last year blocked the transaction to protect their compensation.

Addressing investors, Cohen said eBay’s website ‘still looks like it did in 1995,’ estimated the company could cut about $2 billion in costs and argued it lagged competitors in live commerce.

Markets treated a successful takeover as unlikely. Prediction markets priced the acquisition at roughly a 16% chance of closing, and GameStop shares rose modestly after the bid was disclosed while some investors remained cautious.

Investor Michael Burry sold his entire GameStop stake after a televised appearance in which Cohen struggled to explain the financial details of the offer. Burry commented, ‘Never confuse debt for creativity.’

The dispute touched eBay’s own platform: Cohen said his personal account was suspended during the bid and later reinstated, but he reported he still could not list items for sale.

Investors and analysts are divided on next steps. Some view Cohen’s public campaign as a pressure tactic to force engagement with the board, while others point to challenges in securing large-scale debt and persuading directors to change course. The parties may enter negotiations in the coming weeks or continue the public exchange.