GameStop CEO wants to buy eBay, gets his account suspended instead
The account, which was created to pay for a $56 million bid on eBay, was permanently shut down.
Image by Bloomberg | Getty Images
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Ryan Cohen, the CEO of GameStop, a gaming retailer, said his eBay account was suspended after he listed a number of his personal items.
What is now referred to as “a publicity stunt” was a way for him to fund a $56 billion bid on eBay.
Cohen took to X to share that the company has suspended his account.
The message stated that the account was permanently suspended due to activity believed to put "the eBay community at risk."
GameStop’s CEO was also informed that he will no longer be able to use the account to buy or sell items and that any other accounts will also be suspended.
Cohen has used the platform, which he previously bid on by offering $56 billion, to sell items and pay for the deal.
That seemed to work, as the account received bids worth tens of thousands of dollars for various items, such as a pair of socks, according to Bloomberg.
The X post shared by GameStop’s CEO also sparked online discussion, with many not surprised by the move.
“I think this is the direct answer to your offer. Give up and keep trying to run [GameStop], which is in itself a very bad company and a very bad stock,” wrote one X user, referring to GameStop’s proposition to buy eBay.
It’s been reported that the deal includes buying the company at $125 per share.
However, given that GameStop is valued at around $12 billion, while eBay’s is close to $46 billion, it’s been considered quite a risky move for GameStop.
That is because the deal would depend on $20 billion in debt financing.
So far, eBay has confirmed receiving the offer and will review it.
“I mean, a $5 coffee mug going for $2k is a little odd, right?” wrote one user referring to Cohen’s items sold on eBay.
“I think we've all seen this coming. There is not one reason for any item on eBay to be selling for more money just because a CEO or a celebrity is selling that item,” added another X user.
Cohen’s listing items also included a life-sized Halo 2 statue, a pair of GameStop signs, and vintage baseball cards.
To his buyers, the CEO also promised to add a hand-signed copy of the offer letter he sent to eBay’s board and free shipping.
GameStop was founded in 1984. Around 2010, the company suffered a decline as many chose to buy their games online.
Nevertheless, in 2021, the company experienced a phenomenon known as “meme stock.”
It caused the company’s stock price to skyrocket, as many retail investors started buying shares in GameStop, which was struggling at the time.
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