eBay’s board will meet this week to review an unsolicited $56 billion bid from GameStop investor Ryan Cohen, but the takeover push appeared to lose momentum after a bruising CNBC interview that failed to persuade the institutional shareholders Cohen would need to succeed.
People familiar with the situation said the eBay board scheduled its review amid growing questions about whether Cohen has the appetite and backing for a prolonged fight. On air Monday, Cohen frustrated hosts and prospective investors by taking an unapologetically combative tone and offering little in the way of concrete deal math — telling one host that the numbers were “on our website” when pressed for specifics. He also suggested he could pursue alternatives to a drawn‑out proxy fight, saying “There’s ways to do something before next year,” but stopped short of committing to a long‑term role should a takeover occur.
The market reaction underscored that gap between retail enthusiasm and institutional caution. eBay shares initially jumped more than 12% after Cohen announced his approach, reflecting optimism that a buyer might unlock value. By the end of Monday trading, however, the stock had eased back to roughly the same level as before the bid — a sign investors were not convinced by Cohen’s pitch. Social media and retail trading communities praised Cohen for what one commenter called “mogging” CNBC, but public endorsements from large shareholders did not materialize.
Cohen’s public profile — built on activist campaigns and a reputation as a champion of retail investors — is a double‑edged sword in a takeover of eBay. That persona has endeared him to individual traders but also fostered distrust among the legacy financial press and some big institutional investors whose support is typically decisive in contested board fights. Cohen has previously relied on media spectacle and a vocal retail base; taking on eBay would likely require the opposite: quiet coalition‑building with pension funds, mutual funds and other large holders.
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Compounding Cohen’s challenges this week, at least one high‑profile investor tied to GameStop moved out of the market. Michael Burry disclosed he had sold his entire GameStop stake, a disclosure that sent GameStop shares tumbling more than 10% on Monday. While Burry was not directly linked to Cohen’s eBay bid, the exit of notable investors underscores the market’s volatility around the companies and personalities involved.
For now, the next formal step is the board meeting, where eBay’s directors will evaluate the unsolicited approach and decide whether to engage in talks, seek a higher offer, adopt defensive measures, or recommend shareholders reject the bid. Cohen hinted at a range of options but did not lay out a clear path forward or the financing plan for a deal of the stated size. Without clearer numbers and tangible backing from large shareholders, advisers and observers say the odds favor eBay’s existing management and board as they weigh the proposal.
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The episode highlights the limits of celebrity‑style activism in large, highly regulated takeover contests. Cohen’s initial shock announcement drove attention and a short‑term price pop, but his failure to convert media theater into institutional support left the bid looking vulnerable as eBay’s board prepares its response.
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