ryan cohen

Cohen views eBay as an entrenched, undermanaged platform where the CEO makes $30M annually with zero share ownership, and sees massive upside by combining GameStop's store network for same-day authentication (solving eBay's fraud issue), live commerce studios, and in-game item marketplace rails to build a far larger business than current management can achieve.

Cohen is committing $500M of personal capital to acquire eBay for $56B, targeting $2B in cost takeouts within year one, leveraging GameStop's 1,600 stores as authentication/fulfillment nodes for live commerce ($1T market) and building an in-game digital marketplace, arguing the combined entity can generate $5.5B+ EBITDA vs eBay's standalone $3.5B consensus.

Cohen says eBay is complementary to GameStop across collectibles, refurbished tech, authentication and consumer liquidity, with global scale and a model inside his e-commerce circle of competence.

Cohen says the original Chewy-style strategy was wrong, and that GameStop's better path is cost discipline, pre-owned, collectibles and potentially using eBay-like marketplace economics.

Cohen lays out a specific operating plan for eBay: cut $2B of costs, attack live commerce, and create a marketplace for in-game digital items with real utility.