CEO da GameStop, Cohen, retira bônus de $35B para focar em oferta pelo eBay

GameStop CEO Ryan Cohen withdrew a proposed bonus plan this week that could have paid him as much as $35 billion, with the company stating he wants leadership fully focused on GameStop's operating performance and its proposed eBay acquisition. The video game retailer announced Tuesday that its board granted Cohen's request to scrap the performance award, which required lifting GameStop's market cap to $100 billion. The move represents the company's first major update since May, when Cohen unveiled a $56 billion bid to buy eBay that was quickly rejected by eBay's board as neither credible nor attractive.

Cohen Withdraws $35 Billion Performance Award

GameStop said Tuesday that its board granted a request from Cohen to withdraw a proposed bonus plan announced in January. One of the requirements to reach the full $35 billion payout was lifting GameStop's market cap to $100 billion. The company wrote in its statement that Cohen wants leadership fully focused on GameStop's operating performance and its proposed eBay acquisition. GameStop said it would release a detailed presentation about the strategic rationale and operational plan behind its eBay offer this week.

GameStop Proposed $56 Billion eBay Acquisition in May

Cohen unveiled his bid to buy the e-commerce company for $56 billion in May. eBay's board rejected the proposal soon after, calling it neither credible nor attractive, a sentiment shared by the broader market given GameStop's market cap of roughly $10 billion. GameStop said at the time of the proposal that it had lined up a $20 billion financing letter from TD Bank, but didn't say how it would address the remaining funding gap. In an interview with CNBC, Cohen said the company was offering half cash and half stock, with the ability to issue stock in order to get the deal done.

GameStop Shares Fell 10% on Announcement Day

The shares sank 10% on the day of the announcement and have trended lower since. eBay's shares are up about 25% this year after a 41% rally in 2025. Citizens analysts, who have a market outperform rating on eBay stock, said in a May note that the company is experiencing strong momentum and has done a good job of focusing on winnable categories.

eBay Board Cited Financing Uncertainty and Operational Risks

In its response to Cohen's May offer, eBay's board said that it was confident in the current management team and that the business has delivered meaningful results over the past several years. The board pointed to financing uncertainty, operational risks and leadership concerns as some of its objections to the deal. Sky Canaves, a principal analyst at eMarketer, said Cohen has yet to address these concerns in a meaningful way.

Cohen Hinted at $500 Million Personal Investment

Cohen hinted in an episode of the All-In podcast released Tuesday that he's prepared to put $500 million of his own money into the offer. Eden Chen, a former scout for venture firm Andreessen Horowitz and CEO of gaming software company FirstLook, said that by nixing the bonus, Cohen is at least removing the concern that he wants to do the deal as a way to get his bonus. GameStop wrote in its release Tuesday that the company hadn't decided to pursue the eBay deal when its board approved the pay package.

Lawsuit Challenged Bonus Plan Disclosures

Earlier this month, the City of Pontiac General Employees' Retirement System filed a proposed class-action lawsuit in Delaware that sought to halt a shareholder vote on Cohen's pay package until the board provided proper disclosures on the plan. It would have come up for a vote at GameStop's annual meeting scheduled for July 7. GameStop said in a filing that the lawsuit is without merit, and that the company intends to vigorously defend against it.

FAQ

Why did Ryan Cohen withdraw his $35 billion bonus plan?

GameStop stated that Cohen wants leadership fully focused on GameStop's operating performance and its proposed eBay acquisition. The company wrote in Tuesday's statement that Cohen requested the withdrawal of the performance award, which was announced in January and required lifting GameStop's market cap to $100 billion.

What financing has GameStop secured for the eBay acquisition?

GameStop said at the time of the proposal that it had lined up a $20 billion financing letter from TD Bank. Cohen said in an interview with CNBC that the company was offering half cash and half stock, with the ability to issue stock in order to get the deal done. Cohen hinted in a podcast released Tuesday that he's prepared to put $500 million of his own money into the offer.

Why did eBay reject GameStop's takeover proposal?

EBay's board rejected the $56 billion proposal in May, calling it neither credible nor attractive. The board pointed to financing uncertainty, operational risks and leadership concerns as some of its objections to the deal. The board said it was confident in the current management team and that the business has delivered meaningful results over the past several years.