GameStop CEO's eBay Account Suspended After $56B Buyout Stunt
Original: GameStop CEO says eBay shut his account after buyout funding stunt / He has put up personal items, including a pair of socks, to fund his US$56 billion bid for the platform
Why This Matters
Highlights unconventional corporate takeover tactics and meme stock culture impact
GameStop CEO Ryan Cohen says eBay suspended his account after he listed personal items including socks to help fund his $56 billion bid for the platform. Cohen offered $125 per share for eBay despite GameStop being four times smaller.
Ryan Cohen listed various personal items on eBay including socks, GameStop signs, and a Halo 2 statue to raise funds for his $56 billion eBay acquisition bid. Items received tens of thousands in bids, with some selling for over $10,000. GameStop offered $125 per share Sunday with TD Bank providing a $20 billion financing letter, but needs billions more to buy eBay worth $48 billion. eBay confirmed receiving the unsolicited offer and will review it. Cohen promised buyers signed copies of his offer letter. The gaming retailer gained fame during 2021 meme stock craze but skeptics view the bid as unrealistic given size difference.