Emblematic meme stock makes outlandish bid for eBay

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GameStop, which was at the forefront of the Covid meme stock craze, has made a $55bn offer for eBay. The firm’s chief, Ryan Cohen, said that the e-commerce site could rival Amazon under his leadership. GameStop is the largest video game retailer in the world, but has closed hundreds of stores in recent years and posted a decline in revenue in 2024. Cohen’s offer represents a 20% premium on eBay’s closing price on Friday and shows that he thinks the firm is undervalued. The deal may represent a good move for his company. Worth around $12bn, GameStop is four times smaller than eBay, and so hitching a ride on the site could lift its valuation. But convincing eBay to agree to a sale will prove difficult.