Ryan Cohen eBay Account Halt Follows GameStop’s $56 Billion Bid

• eBay suspended Ryan Cohen’s seller account two days after GameStop announced a $56 billion takeover bid.
• Cohen had auctioned personal items on eBay, including GameStop-related objects and signed proposal letters.
• GameStop offered $125 per share for eBay in a half-cash, half-stock proposal.

eBay suspended Ryan Cohen’s seller account two days after GameStop announced a $56 billion takeover bid for the online marketplace. Cohen shared a notice saying the platform acted over “activity that we believe was putting the eBay community at risk.”

The suspension followed Cohen’s public auction stunt, where he listed personal items on eBay and framed the move as “selling stuff on eBay to pay for eBay.” The campaign added another unusual turn to GameStop’s hostile pursuit, while investors questioned the deal’s financing plan.

Cohen Auctions Items During Bid

Ryan Cohen began listing personal goods on eBay after GameStop made its takeover offer. The items reportedly included GameStop store signs, video games, a carpet square, a mug, and other personal objects tied to the public campaign.

Each listing included a hand-signed copy of Cohen’s takeover proposal letter to eBay management. Some bids reportedly climbed into the thousands, with a GameStop mug reaching more than $3,000 and a Master Chief statue topping $10,000.

Cohen also posted on X, “I’m selling stuff on eBay to pay for eBay,” and linked to his seller page. The listings turned the acquisition push into a public-facing campaign, rather than a standard boardroom negotiation.

eBay then suspended his account, citing risk to the platform’s community. According to a separate report, the ban was later reversed, and Cohen’s profile showed a 100% positive feedback rating after reinstatement.

GameStop Offer Faces Scrutiny

GameStop offered to buy eBay for $125 per share in cash and stock. The bid valued eBay at about $56 billion and represented a premium to recent trading levels before the offer became public.

The proposal raised questions due to GameStop’s own market value, which stood near $11 billion. GameStop also secured a $20 billion financing letter from TD Bank, leaving a gap between confirmed financing and the total proposed deal value.

During a CNBC interview, Cohen said the acquisition would use “half cash and half stock.” However, questions continued over how GameStop would fund the cash portion while managing debt and market pressure.

Michael Burry sold his entire GameStop position after the offer surfaced, according to reports. “Never confuse debt for creativity,” Burry said, while raising concern about the leverage tied to the proposed transaction.

eBay Board Response in Focus

eBay’s board is expected to review GameStop’s unsolicited bid, according to sources cited in earlier reports. The company has not issued a formal response to Cohen’s offer or the temporary account suspension.

Moody’s described the proposed transaction as “credit negative” for eBay. The ratings firm said the deal could raise eBay’s debt from about $7 billion to $31 billion if completed under the proposed structure.

Meanwhile, Cohen has said the combined company could use GameStop’s roughly 1,600 stores as drop-off and authentication points. He also said he could seek eBay board seats through a proxy fight if management rejects the offer.

GameStop shares dropped after the bid announcement, adding pressure to the stock-based portion of the proposal. Investors now await eBay’s response and any further move from Cohen’s campaign.

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