Ryan Cohen
GameStop details $55.5B eBay bid with 5% stake, bitcoin funding in focus
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Updating its unsolicited bid announced earlier on May 4, GameStop has disclosed a 5% economic stake in eBay while proposing a $55.5 billion non-binding acquisition at $125 per share in cash and stock. Funding includes $9.4 billion in cash and liquid investments—featuring $368 million in bitcoin—and up to $20 billion in financing, prompting questions over the retailer's cryptocurrency future.
GameStop chief executive Ryan Cohen has listed a collection of personal and company-related items for sale on eBay. The move comes as the retailer explores acquiring the online marketplace itself. Proceeds from the auctions are described as a contribution toward that goal.
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Following GameStop's $56 billion unsolicited bid for eBay, CEO Ryan Cohen faced sharp grilling on CNBC over financing gaps and deal viability. His vague, incoherent answers drew laughs from hosts and prompted investor Michael Burry to dump his entire stake, spooking markets.