GameStop eyes eBay acquisition, boosts stake

GameStop could be gearing up to call a special meeting and put its offer to a vote.

US video game retailer GameStop has increased its stake in eBay to about 6.6% after its offer to buy the e-commerce giant was rejected earlier this month.

Earlier this month, GameStop CEO Ryan Cohen unveiled an unsolicited offer to acquire eBay for $56 billion, an offer that was subsequently rejected and labelled as "neither credible nor attractive."

Cohen later stated he would take the offer straight to shareholders if necessary.

According to a Tuesday regulatory filing, GameStop now owns a 6.6% stake in the company, up from 5%. With a larger ownership, Cohen could be considering calling a special meeting of shareholders to put the acquisition to a vote.

Cohen himself joined GameStop as an activist investor in 2020 through his investment firm RC Ventures, when the company was a struggling brick-and-mortar video game retailer that was looking increasingly likely to close doors.

Having proven himself as a co-founder of multibillion-dollar online pet supply retailer Chewy, Cohen took a 10% stake in GameStop in September 2020 and pushed management to transform the business into a modern e-commerce company by closing underperforming stores and focusing on digital growth. By June 2021, he had become the chairman of the board.

eBay's shares have risen 35% this year on strong first-quarter earnings amid a renewed focus on categories like collectible items. Since CEO Jamie Iannone took the reins in 2020, the stock has climbed more than 200%.

In contrast, GameStop shares are up around 9% in 2026, but have ultimately fallen 65% since 2021.

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